Media outlet reports RBI’s employees’ unions has adopted a resolution calling for the government’s help in raising the deposit insurance cover to Rs 10 lakh from the existing Rs 1 lakh.
Given the scam at the Punjab & Maharashtra Cooperative (PMC) Bank threatening ordinary people’s deposits, the issue of hiking the insurance cover has assumed significance.
Realizing the importance of the issue, the central government intends bringing in the necessary legislation in this connection.