DICGC a wholly owned subsidiary of RBI says it has no information on hiking the insurance limit on bank deposits, reports PTI.
Earlier, Finance Minister Nirmala Sitharaman had said the government would soon bring in in legislation on raising the insurance cover on bank deposits.
The finance minister’s statement followed the RSS leaning Sahakar Bharati’ pitching for an increase in deposit insurance limits to Rs 5 lakh for individuals.
Responding to the RTI query DICGC had said as per b Section 16 (1) of the DICGC Act, 1961, if a bank fails/gets liquidated, the DICGC is liable to pay to each depositor through the liquidator, the amount of his deposit up to Rs one lakh as insurance cover.
