Claim: Central Government is planning to end the insurance guarantee for the money deposited in banks.
Fact-check: The Government of India did not introduce any law to end the insurance guarantee coverage for bank depositors - FACTLY
Verdict: the news clippings shared in the post were published in 2017 regarding, 'the financial regulation and deposit insurance bill, 2017' introduced by government of india. while assuring that frdi bill does not adversely modify the earlier protections given to the depositors, the ministry of finance issued a press release clarifying that the frdi bill will provide additional protections to the depositors in a more transparent manner. following the widespread criticism of its controversial provisions, goi has withdrawn frdi bill in 2018. in february 2020, the deposit insurance and credit guarantee corporation  raised the depositors' insurance cover limit to 5 lakhs, which earlier used to be one lakh rupees. hence, the claim made in the post is misleading.
Organisation: FACTLY
Author: Dilip Kumar Sripada
Date published: 2022-09-13T13:36:03