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Big Boost For Bank Depositors As Sitharaman Increases Insurance Coverage On Deposits From Rs 1 Lakh To Rs 5 Lakh
Swarajya StaffFeb 01, 2020, 04:02 PM | Updated 04:02 PM IST
(Representative Image) Photo credit: INDRANIL MUKHERJEE/AFP/GettyImages
Presenting the Union Budget for the financial year (FY) 2020-21, Union Finance Minister (FM) Nirmala Sitharaman announced a major boost for the depositors by increasing the insurance coverage on bank deposits from existing Rs 1 lakh to Rs 5 lakh.
Directing the implementation of the same, FM Sitharaman said that the Deposit Insurance and Credit Guarantee Corporation has been permitted to increase the insurance coverage.
