Government Plans to Increase Deposit Insurance Limit
In the wake of recent failure of Punjab and Maharashtra Co-operative (PMC) Bank,the Finance Ministry is looking forward to increase the deposit insurance limit to Rs 5 lakh from the current Rs 1 lakh. If this hike comes into effect, it will be the first upward revision in deposit insurance.
- The last revision on the deposit insurance was done on May 1, 1993, when the retail cover was raised to Rs 1 lakh from Rs 30,000, after the Bank of Karad collapsed in the securities scam of 1992.
Proposals
- Allow banks to get additional deposit insurance, beyond the proposed enhanced limits, ....
Do You Want to Read More?
Subscribe Now
Take Annual Subscription and get the following Advantage
The annual members of the Civil Services Chronicle can read the monthly content of the magazine as well as the Chronicle magazine archives.
Readers can study all the material before the last six months of the Civil Services Chronicle monthly issue in the form of Chronicle magazine archives.
Related Content
- 1 Government e Marketplace (GeM)
- 2 Inflation Targeting
- 3 Bond Yield
- 4 Asset Reconstruction Companies (ARCs)
- 5 Agriculture Infrastructure and Development Cess (AIDC)
- 6 SBI Launches Centre of Excellence for MSMEs in Gurugram
- 7 Inverted Duty Structure under GST
- 8 Sustainable Aviation Fuel
- 9 Annual Survey of Industries 2023-24
- 10 Cabinet Approves Incentive Scheme to Promote Critical Mineral Recycling
