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.
The development comes as a major relief in the view of the recent bank fraud at Punjab and Maharashtra Cooperative bank which had left many depositors in the lurch fearing loss of their savings and earnings.
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.
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