Arun Jaitley assures that people's deposits in public sector banks are safe

Finance Minister Arun Jaitley assured the Lok Sabha that people's deposit in public sector banks are safe and there should not be any apprehension in this regard. 

Replying to a debate on second batch of Supplementary Demands for Grants for 2017-18 in the Lok Sabha yesterday, Mr Jaitley said, the level of protection to public deposits will be much higher in the proposed Financial Resolution and



Deposit Insurance Bill than it is now. 

Mr Jaitley denied the allegations that States are losing revenue following the implementation of GST. He said, under the Constitution, the States are guaranteed 14 per cent increase per annum for next five years on base year 2015-16. He said, 80 per cent of GST goes to States, therefore, they cannot say that they are getting less money.