Government proposes to increase insurance guarantee to Rs 5 lakh for security of bank deposits

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New Delhi, 1 February 2021 Monday

The government has proposed to amend the DICGC Act. It will provide 'insurance' protection to the depositors of distressed banks up to Rs 5 lakh.

The government has proposed to amend the Deposit Insurance and Credit Guarantee Corporation (DICGC) Act to increase the insurance cover on deposits by five times to Rs five lakh. The finance minister made the announcement in his budget speech.

"I will introduce amendments to the DICGC Act-1961 this session." This will rationalize these provisions. "The move will provide relief to the depositors of distressed banks at the present time," he said.

DICGC is a wholly owned subsidiary of the Reserve Bank of India. It provides insurance cover on bank deposits. At present, Punjab and Maharashtra Co-operative (PMC) Bank, Yes Bank and Lakshmi Vilas Bank are in financial crisis.

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