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, ....
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