The government and the Reserve Bank have taken a tough stance following the Punjab and Maharashtra Co-operative (PMC) scam.
The government will increase the limit of bank deposit guarantee insurance by Rs one lakh.
Finance Minister Nirmala Sitharaman gave this information.
He also expressed the possibility of bringing a bill regarding this in the winter session of Parliament.
Together, he mentioned the plan to bring an invoice for the regulation of cooperative banks doing business in more than one state.
Explain that after the Punjab and Maharashtra Co-operative (PMC) scam, the government and the Reserve Bank have taken a sturdy stand.
Millions of customers have been affected by this scam.
After the Reserve Bank has fixed the limit, customers are not able to withdraw all their money from the bank.
According to the current rules regarding deposits, customers get insurance of one lakh rupees in place of deposits.
The Finance Minister has said to increase this limit.
On the other hand, on the upheaval in the telecom sector, Sitharaman said that we do not want any company to stop its operations.
We want all companies to grow.
Explain that the burden on companies like Vodafone Idea and Airtel has increased significantly.
In the second quarter, Voda-Idea and Airtel have a total loss of Rs 74 thousand crores.
