Law to raise insurance on bank deposits, regulate coop banks
Legislation in winter session of ParliamentPosted at: Nov 16, 2019, 7:13 AM
Last updated: Nov 16, 2019, 7:24 AM (IST)
Finance Minister Nirmala Sitharaman
Tribune News Service & PTI
New Delhi, November 15
Finance Minister Nirmala Sitharaman today said the government will bring legislations on raising insurance cover on bank deposits from the current Rs 1 lakh and regulating multi-state cooperative banks. These legislations will be brought during the winter session of Parliament starting Monday, the minister said.
These legislations assume significance in the wake of scam in PMC Bank affecting lakhs of customers who are facing difficulties in withdrawing their entire money due to restrictions imposed by the RBI.
At present, bank depositors get an insurance cover of Rs 1 lakh on their amount by the Deposit Insurance and Credit Guarantee Corporation. She said the government was also looking at possibility whether houses attached by enforcement agencies for loans against PMC Bank could be liquidated and the proceeds be used to pay the depositors.
No comments:
Post a Comment