Cabinet clears amendment to banking laws to strengthen cooperative banks

The cabinet approval is in line with the Budget announcement made by FM Sitharaman on Saturday. She proposed in the Budget to raise the insurance cover on saving deposits five times to Rs 5 lakh. The decision assumes significance in the wake of a scam in the PMC Bank affecting lakhs of customers who are facing difficulties in withdrawing their money due to restrictions imposed by the RBI.

from Banking/Finance-Industry-Economic Times https://ift.tt/3bgceOG