Pursuant to an announcement made by the Finance Minister Mrs.Nirmala Sitharaman in the Lokasabha while placing budget for the year 2020-21, the Deposit Insurance and Credit Guarantee Corporation (DICGC), a wholly-owned subsidiary of the Reserve Bank of India, has raised the limit of insurance cover for depositors in insured banks from the present level of 1 lakh to5 lakh per depositor with effect from February 4, 2020.
The Reserve Bank notification in this regard on Tuesday mentioned that the above decision is taken with a view to providing a greater measure of protection to depositors in banks
