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News From Press Deposit insurance cover will continue: Centre

Deposit insurance cover will continue: Centre

Source: Business Line Jan 12, 2018

The existing deposit insurance coverage of ₹1lakh will continue till it is revised, the Centre has assured the Joint Committee of Parliament on the Financial Resolution and Deposit Insurance (FRDI) Bill.

This was in response to queries by stakeholders, including the RBI, during their interactions with the members on the panel. The Centre is learnt to have told the panel that Clause 29(1) of the Bill gives scope for enhancement of the deposit insurance level of a depositor. The Clause says that the proposed Resolution Corporation (RC) shall, in consultation with the appropriate regulator, specify the total amount payable by the Corporation with respect to any one depositor, as to his deposit insured under this Act.

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