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Finance Minister Nirmala Sitharaman on Saturday announced that deposit insurance will now be increased to Rs 5 lakh per bank account from the current limit of Rs 1 lakh.
She announced this as part of the Union Budget 2020-21.
“There is a robust mechanism in place to monitor health of all scheduled commercial banks. Depositors’ money is absolutely safe,”she stressed.
The deposit insurance cover was last hiked with effect from May 1, 1993, to ₹1 lakh from ₹30,000 in July 1980. The move comes in the wake of the recent crisis at Punjab and Maharashtra Cooperative Bank.
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