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Bank deposit cover may be doubled to Rs 2 lakh

Bank deposit cover may be doubled to Rs 2 lakh

Friday, January 31, 2020, 12:34 PM

The government is discussing a proposal to double the insurance cover on bank deposits to Rs 2 lakh and an announcement to this effect may be made in the February 1 budget, said several people with knowledge of the matter. The move comes after the government and the RBI faced flak over their handling of the closure of Punjab & Maharashtra Co-operative Bank (PMC).
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