In a much relief to the people, the Centre has raised the deposit insurance coverage to Rs 5 lakh from the existing Rs 1 lakh. Experts are citing that this is the big move by the Centre government.
Before the budget, many reports emerged that the insurance cover on deposits will be doubled to Rs 2 lakh from 1 lakh.
This bold move comes from the government after the RBI and government faced a wide criticism of their handling of the closure PMC bank, which left thousands of the band holders unable to withdraw money from their bank accounts.
Interestingly, the SBI has 61% of the accounts in India has below Rs 1 lakh, while 70% accounts are under Rs 2 lakh and 98.2% are under Rs 15 lakh.
Before the budget, many reports emerged that the insurance cover on deposits will be doubled to Rs 2 lakh from 1 lakh.
This bold move comes from the government after the RBI and government faced a wide criticism of their handling of the closure PMC bank, which left thousands of the band holders unable to withdraw money from their bank accounts.
Interestingly, the SBI has 61% of the accounts in India has below Rs 1 lakh, while 70% accounts are under Rs 2 lakh and 98.2% are under Rs 15 lakh.