Insurance cover on bank deposits may be raised for 1st time since 1993

The government is considering proposals to increase the deposit insurance cover provided by Deposit Insurance and Credit Guarantee Corporation (DICGC) in case of bank failure. "If Cabinet approves, we would like to move amendments in the upcoming winter session (of the Parliament)," Finance Minister Nirmala Sitharaman said. The deposit guarantee limit has remained unchanged since 1993 at ₹1 lakh.