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Govt steps in to make your bank deposits safer

Monday, January 27, 2020, 12:39 PM

The union government has planned to increase the deposit insurance limit to Rs.5 lakh from the existing Rs.1 lakh. The move will make banks obligated to pay Rs.5 lakh to its depositors in case of failure, according to the source. The government is likely to roll out the framework under a new law and has planned to set up a Resolution Authority.