Senator Salim Mandviwala chaired a meeting of the Senate Standing Committee on Finance and reviewed of Deposit Protection Corporation Amendment Bill 2024.
“Now money up to 5 lakh rupees in banks will get legal protection,” Deputy Governor State Bank told the committee members.
Earlier, deposits up to Rs250,000 were protected, the deputy governor added.
What are deposit protection schemes?
The deposit protection schemes are designed to deal with the failure of a bank on standalone basis and reduce the likelihood of conversion of individual bank failure into contagion and systemic problems.
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