With a view to providing a greater measure of protection to depositors in banks the Deposit Insurance and Credit Guarantee Corporation, a wholly-owned subsidiary of the Reserve Bank of India, has raised the limit of insurance cover for depositors in
insured banks from the present level of Rs 1 lakh to Rs 5 lakh per depositor with effect from February 4, 2020, with the approval of the Government of India.
Reserve Bank of India
Press Release: 2019-2020/1878
[Press Release dt. 04-02-2020]