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Govt plans to raise deposit insurance beyond ₹5 lakh
Business Standard
|February 18, 2025
A proposal to increase deposit insurance is being considered and the finance ministry will notify it once the Cabinet takes a decision, said M Nagaraju, secretary, financial services, Ministry of Finance, on Monday.
This comes just after the crisis in New India Co-operative Bank last week. On February 13, the Reserve Bank of India (RBI) prohibited the bank from issuing new loans and suspended deposit withdrawals for six months and then superseded the board and appointed an administrator.
"When the government approves (the proposal), we will notify it," Nagaraju said during a Press conference in Mumbai.
However, no date has been specified for this. Nor is it clear what the new cover will be.
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