PMC impact? Your deposits get 5 times more cover

“The Deposit Insurance and Credit Guarantee Corporation has been permitted to increase deposit insurance coverage for a depositor, which is now Rs 1L, to Rs 5L per depositor,” said FM. “I wish to inform this august house that the robust mechanism is in place to monitor the health of all scheduled commercial banks & that depositors’ money is safe."

from Banking/Finance-Industry-Economic Times https://ift.tt/37SCFbs