It is to be noted that under the current bank deposit insurance scheme in case of an unlikely bank failure deposits up to ₹1 lakh is insured
In Budget 2020, finance minister Nirmala Sitharaman today proposed to increase the limit of insurance cover in case of bank failure on deposits to ₹5 lakh from ₹1 lakh. The proposal come in the wake of crisis at Mumbai-based urban cooperative bank, PMC Bank.
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