Senator Salim Mandviwala led a session of the Senate Standing Committee on Finance to review the Deposit Protection Corporation Amendment Bill 2024.
During the meeting, the Deputy Governor of the State Bank informed members that deposits up to Rs500,000 in banks will now have legal protection, an increase from the previous limit of Rs250,000.
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What are deposit protection schemes?
Deposit protection schemes are designed to address individual bank failures and mitigate the risk of such failures escalating into broader financial crises or systemic issues.
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