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Government Mulling Over Raising Protection for Bank Deposits
December 11, 2017
According to sources, the government may increase the amount of protection on the bank deposits from the current Rs. 1 lakh when the controversial Financial Resolution and Deposit Insurance (FRDI) Bill is finally drafted.
As per the current format of the Deposit Insurance and Credit Guarantee Corporation (DICGC) that offers deposit insurance to the banks, deposits up to Rs. 1 lakh only are covered.
The highly-placed source said that the members of the committee are highly supportive of the idea of raising the protection limit and it’s likely that the same is materialized and put into practice.
