INSUBCONTINENT EXCLUSIVE:
The new legislations will be brought during the winter session of Parliament, FM said.
The
government is considering proposals on raising insurance cover on bank deposits from the current Rs 1 lakh and regulating multi-state
cooperative banks, Finance Minister Nirmala Sitharaman said on Friday
The new legislations in this regard will be brought during the winter session of Parliament starting Monday, she added
At present, bank depositors get an insurance cover of Rs 1 lakh on their amount by the Deposit Insurance And Credit Guarantee Corporation
Here are 10 things to know about insurance limit on bank deposits:"I will be going to Cabinet to increase the insurance limit
from current Rs 1 lakh on deposit in banks and if the Cabinet approves it, we will move it in the upcoming winter session of Parliament", Ms
protection cover against losses accruing to bank deposits.In 1993, the cover was raised from Rs 30,000 to Rs 1 lakh.In September this year,
co-operative bank under its lens, the RBI barred PMC Bank from renewing or granting any loans, or making investments without its prior
has no plans to cut spending on welfare schemes and would encourage all departments to spend the entire funds provided in the Budget.Earlier
on Friday, the government notified rules under the insolvency law to deal with issues pertaining to systemically important financial service
providers, excluding banks
The latest move comes against the backdrop of financial stress faced by certain entities that are into financial services.Get Breaking news,
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