Deposit Insurance Bill will come in the upcoming Parliament session

The government is going to bring Deposit Insurance Bill in the upcoming monsoon session. If this bill is approved by the Parliament, then the amount deposited in the bank will be insured. That is, even if the bank sinks, the customer will get his deposit amount up to five lakh rupees in any case. At present, there is an insurance of only one lakh rupees on the deposit amount of the customer in the bank. Preparations have been made to introduce this bill in the monsoon session starting from July 19. Two years ago, the Finance Ministry had announced to increase the limit of Rs 1 lakh insured to Rs 5 lakh, but it could not be made into law. It was formally announced in the budget last year.

The government aims to protect the hard-earned money of the consumers and bring stability to the system. Increasing the insurance limit of bank deposits will also reduce the risk of operating the bank and the customers will also feel more secure.

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