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In February 2025, Mumbai -based New India Cooperative Bank was Rs. After the scam of Rs 122 crore came to light, the government has now increased the limit to Rs 1 lakh under the deposit insurance scheme. He campaigned cleverly claiming that it would increase by 5 lakhs.
Although three months have passed since the scam has passed, no increase has been made so far and sources are saying that it will take about six months to increase this limit.
If a bank is declared bankrupt, citizens will contribute Rs 1000. The government provides insurance cover on deposits up to Rs 5 lakh under this scheme and hence in such cases, investors depositing to this extent get their money back. This insurance cover is provided by the Deposit Insurance and Credit Guarantee Corporation (DICGC). All deposits including savings and current accounts come under this scheme. Finally, the PMC bank scam came to light in Maharashtra, which caused a loss of about Rs 100 crore. When a scam of Rs 6,100 crore came to light, i.e. in 2020, the limit under this scheme was Rs 1,000. Increased from one lakh to Rs. The work of 5 lakh rupees was completed. Prior to 2020, this limit was only 1 lakh rupees. It was only one lakh and from 1993 i.e. there was no increase for 27 years.
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According to sources, the government has been considering increasing this limit since the New India Cooperative Bank scam came out in February, but it is still expected to take a final decision on it. This limit is proposed to increase, but it will be increased to Rs 20 lakh. It is unlikely to increase more than 10 lakhs. The Finance Ministry is considering several aspects in the context of increasing this limit, including the total number of people under insurance cover, the total amount of deposits to be insured and the limit of guarantee by the government. Sources said that the final decision will be taken on the basis of the total number of deposits coming under its scope if the government’s current level and limit is increased.