The Live Nagpur
  • Nagpur City
  • Nagpur Education
  • Nagpur Sports
  • Business
  • Featured
  • Crime
  • Entertainment & Lifestyle
  • Health & Wellness
  • Nation
  • Politics
  • Trending
  • Vidarbha
  • Obituary

The Live Nagpur

  • Home
  • City
  • Politics
  • Business
  • Education
  • Entertainment
  • Sports
  • Health
  • Crime
  • Forest
  • Featured
  • Vidarbha
Business

RBI unions seek hike in deposit insurance cover

by Alice Francis November 21, 2019November 21, 2019
written by Alice Francis November 21, 2019November 21, 2019
RBI unions seek hike in deposit insurance cover

The Reserve Bank employees’ unions on Tuesday demanded the Government to hike the insurance cover on bank deposits from the present Rs 1 lakh to Rs 10 lakh.

The demand which was last revised in May 1993, has come after the ongoing crisis at Punjab and Maharashtra Cooperative Bank.

Recently, Finance Minister Nirmala Sitharaman had said that the Government would bring in a legislation during the ongoing Winter session to increase the deposit insurance cover from Rs 1 lakh, but did not specify a number.

According to a recent report by SBI Research, at Rs 1 lakh, the cover is one of the lowest and is at only 0.9 times per capita income. As against this, in Brazil and Russia, the same stands at Rs 42 lakh and Rs 12 lakh respectively.

The All-India Reserve Bank Employees Association had earlier suggested hiking the insured deposit cover to at least Rs 10 lakh, covering all types of deposits of an individual, which we reiterate and urge the Government to consider”.

At present, the Deposit Insurance and Credit Guarantee Corporation insures each bank depositor up to a maximum of Rs 1 lakh for both principal and interest as on the date of liquidation or cancellation of a bank’s licence.

0 comment
FacebookTwitterLinkedin
Alice Francis

previous post
An ‘In – house Lecture ‘on Forensic Science held at T.B.R.A.N.’s M.E.M.S
next post
Despite of good rainfall, city to get less water

You may also like

VIA LEW Masterclass on “How to be Pitch...

July 4, 2022

Butibori Manufacturers Association to observe no-honking day on...

July 2, 2022

VIA to organise “Plant Based Foods Export” Workshop...

July 2, 2022

Withdrawal of GST exemption on Room Tariff will...

June 30, 2022

VIA-LEW organized program on Recent changes in Income...

June 30, 2022

Seminar on amendments in GST and compliances in...

June 30, 2022

GST new rates, check list of items, services...

June 30, 2022

Isha Ambani to become chairman of Reliance conglomerate’s...

June 29, 2022

Power Deptt, Adani group sign MoU, Generation of...

June 28, 2022

Mukesh Ambani resigns as Director of Reliance Jio

June 28, 2022

Trending News

  • Rahul Narvekar is new Mah Assembly Speaker

    July 3, 2022
  • India logs 17,070 new COVID cases in last 24 hours

    July 1, 2022
  • Rise in COVID cases, India reports 18,819 positive in last 24 hours

    June 30, 2022
  • First batch of pilgrims leaves for Amarnath Yatra

    June 30, 2022
  • India bans single use plastic, to be in effects from July, check list of ban items

    June 28, 2022

Important Links

  • Politics
  • Crime
  • Business
  • Education
  • Entertainment
  • Sports

Available on Playstore & Coming Soon on Appstore

Search

November 2019
M T W T F S S
« Oct   Dec »
 123
45678910
11121314151617
18192021222324
252627282930  

Sign-Up Form

Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!

Footer Logo
  • Nagpur City
  • Nagpur Education
  • Nagpur Sports
  • Business
  • Featured
  • Crime
  • Entertainment & Lifestyle
  • Health & Wellness
  • Nation
  • Politics
  • Trending
  • Vidarbha
  • Obituary
  • Privacy Policy
  • Disclaimer
  • Cookie Policy
  • Terms Of Use
  • Advertise with Us
  • Work with us
  • Contact Us

© 2020 - The Live Nagpur . All Rights Reserved.