February 17, 2025 4:21 PM

Government actively considering raising deposit insurance limit beyond Rs 5 lakh

The Union Government is actively considering a proposal to raise the deposit insurance limit beyond ₹5 lakh, confirmed M Nagaraju, Secretary, Department of Financial Services (DFS), during a press conference in Mumbai on Monday. “As and when the government approves, we will notify it. This is under the consideration of the government,” Nagaraju stated when questioned about the ongoing crisis at New India Cooperative Bank. He emphasized that the increase in deposit insurance coverage remai...