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LATEST NEWS UPDATES | Centre plans new FRDI Bill, hike in deposit insurance -Madhusudan Sahoo

Centre plans new FRDI Bill, hike in deposit insurance -Madhusudan Sahoo

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published Published on Oct 20, 2019   modified Modified on Oct 20, 2019
-The Asian Age

The source further said DICGC has proposed to hike deposit insurance to Rs 3 lakh from Rs 1 lakh, depending upon the demands of circumstances.

New Delhi:
With several financial institutions in the country standing on the edge of distress, the Central government is likely to increase insurance cover for bank deposits. Currently, only Rs 1 lakh deposit of each customer is issured.

The Finance Ministry is also mulling to re-look at the most contentious Financial Resolution and Deposit Insurance (FRDI) Bill, a year after it was withdrawn by the government following a huge public outcry against controversial bail-in clause, which led to many depositors prematurely cancelling their bank deposits.

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The Asian Age, 18 October, 2019, https://asianage.com/business/in-other-news/181019/centre-plans-new-frdi-bill-hike-in-deposit-insurance.html


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