Finance Minister Nirmala Sitharaman allocated Rs 28,600 crore for women, Rs 4400 crore for clean air in the budget. Many big announcements have also been made in the field of employment and income tax. Apart from this, the Finance Minister has announced to sell a large part of his stake in LIC.
Budget Session 2020: Government will give insurance cover on 5 lakh salary
The Union Finance Minister Nirmala Sitharaman has made a big announcement regarding the case of increasing fraud in banks. The biggest concern after the Punjab and Maharashtra Bank case surfaced, is that if a bank sinks, then its account holders can suffer a huge loss. Deposit insurance was Rs 1 lakh to protect the account of bank account holders. The Finance Minister said in his budget announcement that its limit has now been increased from Rs 1 lakh to Rs 5 lakh.
Budget is presented in Lok Sabha there, memes are being made on Twitter
According to new rules by DICGC i.e. Deposit Insurance and Credit Guarantee Corporation, security guarantee of Rs 5 lakh will be given to customers. This rule will be applicable to all branches of the bank. This includes both principal and interest. It is clear that if there is more than 5 lakhs by adding both, then only 5 lakhs amount will be considered safe.
