Hitavada reports RBI employees’ unions recently called upon the Government to raise the insurance cover on bank deposits from the present Rs 1 lakh to Rs 10 lakh. The employees’ call has come on the heels of the scam at Punjab and Maharashtra Cooperative
Sources are quoted saying the insurance cover in the country is one of the lowest and is at only 0.9 times per capita income. As against this, in Brazil and Russia, the same stands at Rs 42 lakh and Rs 12 lakh respectively.
The RBI unions also demanded bringing urban co-operative bank exclusively under the jurisdiction of the RBI.