-The Asian Age
The source further said DICGC has proposed to hike deposit insurance to Rs 3 lakh from Rs 1 lakh, depending upon the demands of circumstances.
New Delhi: With several financial institutions in the country standing on the edge of distress, the Central government is likely to increase insurance cover for bank deposits. Currently, only Rs 1 lakh deposit of each customer is issured.
The Finance Ministry is also mulling to re-look at the most contentious Financial Resolution and Deposit Insurance (FRDI) Bill, a year after it was withdrawn by the government following a huge public outcry against controversial bail-in clause, which led to many depositors prematurely cancelling their bank deposits.
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