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Deposit insurance may be raised to Rs 5 lakh; new wholesale plan in offing

New scheme likely for wholesale at Rs 25 lakh; proposals could figure at RBI board meet

Raghu Mohan  |  Mumbai 

Bank deposit insurance in the country may be split into two categories, with retail cover being raised to Rs 5 lakh, from the current level of Rs 1 lakh; and a new scheme being introduced for wholesale depositors at Rs 25 lakh. When given effect, it will be the first upward revision in deposit insurance after 1993.

The last reset was on May 1, 1993, after the Bank of Karad went down in the securities scam of 1992. The reset prior to this at Rs 30,000 was given effect to on July 1, 1980. A well-placed regulatory official said he “more than hoped the Ministry of Finance will ...

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First Published: Mon, November 18 2019. 00:55 IST
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