Budget 2020: Bank Deposit insurance cover hiked to Rs 5 lakh from Rs 1 lakh
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Finance Minister Nirmala Sitharaman said the government infused Rs 3.5 crore capital into PSU banks. The Union Minister announced that deposit insurance cover will be hiked to Rs 5 lakh from Rs 1 lakh. She reiterated that all deposits are safe. "NBFC Eligibility for SARFAESI Act reduced to Rs 100 crore from Rs 500 crore AUM," she added. She said the government's stakes in IDBI bank will be sold to private investors.