Budget speech: Deposit insurance cover increased to Rs 5 lakh; Govt to sell its holding in IDBI Bank

In a major relief to the people, the Centre on Saturday announced to increase the insurance coverage of their bank deposits from Rs 1 lakh to Rs 5 lakh. The government’s holding in Industrial Development Bank of India (IDBI) will be offloaded through a public offering, Finance Minister Nirmala Sitharaman said on Saturday.

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