• search
For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

Insurance cover on bank deposits to use above Rs 1 lakh

|

New Delhi, Nov 16: Finance Minister Nirmala Sitharman said the government will bring legislations on raising insurance cover on bank deposits from the current Rs 1 lakh and regulating multi-state cooperative banks.

These legislations will be brought during the Winter Session of Parliament starting coming Monday, the minister told reporters here.

Finance Minister Nirmala Sitharaman

These legislations assume significance in the wake of scam in the Punjab and Maharashtra Cooperative Bank affecting lakhs of customers who are facing difficulties in withdrawing their entire money due to restrictions imposed by the Reserve Bank of India.

India democracy-loving, capitalist-respecting: Nirmala Sitharaman

At present, bank depositors get an insurance cover of Rs 1 lakh on their amount by the Deposit Insurance and credit Guarantee Corporation.

The finance minister also said the government has no plans to cut spending on welfare schemes and will encourage all the departments of the Union government to spend entire funds provided in the Budget.

When asked about the stress in the telecom sector, Sitharaman said, "We want no company to shut their operations. We want everyone to flourish."

Two major telecom companies -- Vodafone Idia and Airtel -- have posted a combined quarterly loss of about Rs 74,000 crore as they were hit by statutory dues after a recent Supreme Court ruling.

The minister further said the Committee of Secretaries (CoS), appointed to deal with financial problems being faced by telecom companies, "has not taken final decision yet".

GST might have flaws, but we just can't damn it now: Nirmala Sitharaman

Days after the Supreme Court ordered telecom companies to pay as much as Rs 1.42 lakh crore in past statutory dues, the government had set up the CoS under the Cabinet Secretary to suggest measures to mitigate financial stress in the sector last month.

For Daily Alerts
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Oneindia sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Oneindia website. However, you can change your cookie settings at any time. Learn more