The central government is considering raising the deposit insurance cover under the Deposit Insurance and Credit Guarantee Corporation (DICGC) Act beyond the current limit of ₹5 lakh. Discussions are underway for this purpose, a finance ministry official stated. Current Insurance Coverage Why Increase the Insurance Limit? Recent bank failures, such as New India Cooperative Bank, PMC Bank, Yes Bank, and Lakshmi Vilas Bank, have caused hardships for depositors. Increasing the insurance cover will: How to Claim the Insured Amount? If a bank shuts down: Which Banks Are Covered? How to Check If Your Bank Is Insured? DICGC provides banks with a leaflet detailing deposit insurance coverage. Depositors can inquire at their bank branch for confirmation. What is DICGC? The Deposit Insurance and Credit Guarantee Corporation (DICGC), a subsidiary of the Reserve Bank of India (RBI), ensures bank deposits are protected in case of bank failures.Original Article