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Private banks to gain most from Budget's Rs five lakh cover

Private banks to gain most from Budget's Rs five lakh cover

Monday, February 3, 2020, 11:37 AM

Private sector banks will be the biggest gainers of the government's decision to hike deposit insurance cover to Rs.5 lakh from Rs.1 lakh in the Union Budget. However, the higher insurance costs, estimated at Rs.28,400 crore, will be borne by the entire banking system. According to Credit Suisse, the estimated increase in deposit insurance premium would be around Rs.28,400 crore for the system.
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