Increase in Bank Deposit Insurance Coverage

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February 1, 2020: The Deposit Insurance and Credit Guarantee Corporation (DICGC) has been permitted to increase Deposit Insurance Coverage for a depositor, which is now ` one lakh to ` five lakh per depositor” said finance minister Nirmala Sitharaman in her Budget speech to the Parliament, assuring that the house that the deposits with the country’s commercial banks are safe .

Alert Citizens Forum of India is pleased that its efforts to get the Bank Deposit Insurance Coverage increased has yielded fruit.

We thank Finance Minister Nirmala Sitharaman for positively responding to our suggestion.

Dayanand Nene.

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