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Budget 2020: Insurance cover for bank depositors to be raised to Rs 5 lakh

At present, the DICGC provides Rs 1 lakh insurance to a depositor regardless of deposit in case the lender fails or liquidated

Press Trust of India  |  New Delhi 

insurance
Deposit insurance coverage will be enhanced from Rs 1 lakh to 5 lakh per depositor

Finance Minister Nirmala Sitharaman on Saturday said the government has permitted DICGC to raise deposit by five times to Rs 5 lakh.

Deposit Insurance and Credit Guarantee Corporation (DICGC), a wholly owned subsidiary of the Reserve Bank of India, provides on

Deposit will be enhanced from Rs 1 lakh to 5 lakh per depositor, the Finance Minister said her Budget speech in Lok Sabha.

At present, the DICGC provides Rs 1 lakh insurance to a depositor regardless of deposit in case the lender fails or liquidated.

First Published: Sat, February 01 2020. 13:01 IST
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