November 22, 2024 19:21 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Chhattisgarh: 10 Maoists killed during encounter with security forces in Sukma | Baba Siddique murder case: Arrested Akashdeep Gill used a labourer's hotspot to evade tracking, say police | Donald Trump picks 'smart and tough' Pam Bondi as new US Attorney General after Matt Gaetz withdraws | Canadian government denies media report that claims PM Modi knew of Khalistani leader Nijjar's killing | PM Modi bestowed Dominica's highest award at India-CARICOM Summit
FM Nirmala Sitharaman assures depositors money is safe in banks

FM Nirmala Sitharaman assures depositors money is safe in banks

| @indiablooms | 01 Feb 2020, 08:55 am

New Delhi/UNI: Union Finance Minister Nirmala Sitharaman on Saturday sought to assure the people that schedule commercial banks and depositors money is absolutely safe and that a robust mechanism is in place to monitor them.

'Robust mechanism is in place to monitor health of all schedule commercial banks and depositors money is absolutely safe,' she said in the Lok Sabha presenting her second Union Budget.

'Our government remains committed to taking measures to ensure that our taxpayers are free from tax harassment of any kind,' she stressed.

'We wish to enshrine in the statutes a taxpayer charter through this Budget,' she maintained.

The Government proposes to sell a part of its holding in LIC by initial public offer, she said.

A mechanism will be made to address liquidity constraints of NBFCs and House finance corporations, the Minister said.

The Government will offer support by guaranteeing securities floated to provide liquidity for NBFCs, she announced.

Ms Sitharaman stated that Deposit Insurance and Credit Guarantee Corporation has been permitted to increase deposit insurance coverage to Rs 5 lakh per depositor from Rs 1 lakh at present.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.