Modi govt to provide Rs 5 lakh deposit Insurance guarantee

Budget 2020 presented by the Finance Minister Nirmala Sitharaman on February 1, 2020, has proposed to increase deposit insurance from Rs 1 lakh to Rs 5 lakh. This move will help depositors in the banks as far safety of the money is concerned. The bank deposits are insured under the Deposit Insurance and Credit Guarantee Corporation (DICGC) Act.