Deposit insurance limit may increase from Rs 5 lakh to Rs 15 lakh: Report

Zee Business highlighted depositors’ security after the New India Co-operative Bank scam. Following its efforts, the government may raise the deposit insurance limit to Rs 15 lakh. Currently, the Deposit Insurance and Credit Guarantee Corporation (DICGC) covers deposits up to Rs 5 lakh.

Recently, the Reserve Bank of India (RBI) imposed a moratorium on New India Co-operative Bank due to financial irregularities. Following this, Zee Business highlighted the issue of deposit insurance and its importance for depositors’ security. The Indian government is actively considering increasing the deposit insurance limit from Rs 5 lakh to Rs 15 lakh. This move comes after the recent scam at New India Co-operative Bank, which raised concerns about the safety of depositors’ money.