Budget 2020:Deposit Insurance cover raised to ₹5 lakh

News:The Finance minister has announced in the Budget that the Deposit insurance cover for bank deposits has been raised to Rs 5 lakh from Rs 1 lakh. Facts: About Deposit Insurance: Deposit insurance is providing insurance protection of Rs 1 lakh to the depositor’s money by receiving a premium. The government has set up Deposit… Continue reading Budget 2020:Deposit Insurance cover raised to ₹5 lakh

Explained:What is deposit insurance?

News:Recently,the failure of the Punjab and Maharashtra Co-operative(PMC) Bank has reignited the debate on the low level of insurance against the deposits held by customers in Indian banks. Facts: What is the insurance cover provided currently? Currently,in case of a bank collapse,a depositor can claim an amount up to a maximum of ₹ 1 lakh… Continue reading Explained:What is deposit insurance?