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FM Nirmala Sitharaman assures depositors money is safe in banks

FM Nirmala Sitharaman assures depositors money is safe in banks

India Blooms News Service | @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.