Finance Minister Nirmala Sitharaman announced in her Budget Speech that deposit insurance would be increased to 500,000 rupees per depositor.
The RBI (Reserve Bank of India) has announced that insurance cover on bank deposits has been increased to INR 500,000 (USD 7,000) from INR 100,000, effective from Tuesday (4 February).
Deposit insurance has remained static since 1993. It provided by the DICGC (Deposit Insurance and Credit Guarantee Corporation), a wholly-owned subsidiary of the RBI, which charges banks a nominal premium for the cover.
The higher deposit insurance follows a pledge from Finance Minister Nirmala Sitharaman in November to increase the current deposit guarantee limit, without specifying the amount of increase.
On Saturday (1 February), Sitharaman announced the increase to INR 500,000 in her Budget Speech, after Finance Secretary Rajiv Kumar said earlier in the day that the Department of Financial Services had given its approval.
The move is aimed at providing a greater measure of protection to depositors and is expected to help boost confidence in the banking system after last year’s fraud at PMC (Punjab and Maharashtra Cooperative) Bank.
The deposit insurance scheme covers all banks operating in India, including private sector banks, cooperative banks and foreign banks and their branches.
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February 05, 2020 at 05:26PM
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India Raises Deposit Insurance Cover Five Fold - Regulation Asia
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