Enhanced insurance cover of Rs 5 lakh on bank deposits from Tuesday: RBI

Insurance cover on bank deposits has been increased to Rs 5 lakh from Rs 1 lakh effective Tuesday, the Reserve Bank of India (RBI) said in a statement.
 

The cover is provided by the Deposit Insurance and Credit Guarantee Corporation (DICGC), a wholly-owned subsidiary of the RBI.
 

This, the RBI said, has been done with a view to providing a greater measure of protection to depositors.
 

On Saturday, Finance Minister Nirmala Sitharaman had made the announcement regarding increasing insurance cover to Rs 5 lakh in her Budget Speech.
 

Earlier in the day, Finance Secretary Rajiv Kumar said the Department of