Budget 2020: Bank deposit insurance to be hiked to Rs 5 lakh

The government announced that the quantum of deposits insured in the event of a bank failure will be raised to Rs 5 lakh from the current Rs 1 lakh. There is a robust mechanism to monitor the health of all scheduled commercial banks and we want to assure depositors that their deposits are absolutely safe, Finance Minister Niramala Sitharaman said while presentin more