All money kept in any Indian bank should be fully secured and insured, Payback to person in 30 days if the bank lands in trouble.

Indian government has made many rules and regulations for banks and money related matters.
Demonetization was initiated based on the principal that public is not paying proper tax and that black economy is thriving. Thus cash as a mode of saving is not correct.

Under various rules and regulations the government is trying to dissuade use of cash and make the economy a white economy.
Along with this there have been many banks which have swindled the public's money.
The government under the Deposit Insurance and Credit Guarantee Corporation had limited the insurance amount to 1 lac and now has been raised to 5 lacs
The presentation of statistics that funds of major population is secured is misrepresentation of facts to present a beautiful picture.
Yes the major population is covered but the sum total of the funds by these may not constitute to a substantial amounts in banks. (funds of votebanks are secure) And what about the rest who have put more than 5 lacs in a bank ? It is the remaining few percent of the population who have put in the major amount of money in banks.

Thus to insure only 5 lacs in a bank is not correct.

When a few banks had been restricted from allowing public to withdraw money from the bank , a interview was aired where a senior banker put forward a view that there is a legal system in place where all assets of banks are liquidated and funds are paid back along with the insurance.
Yes the legal system is in place but the LIMIT of sum of insurance and time taken to resolve such matters is unjust.

As the government is looking forward to and pushing to make the Indian economy a trillion dollar white economy below change should be made

Any amount of money kept by an Indian in any Indian bank should be fully insured as per below list (some of the reasons why traditionally a person puts money in a bank that I think of)
1 - saving account
2 - current account
3 - OD account
4 - fixed deposits
5 - time deposits
6 - recurring deposits
7 - Monthly Income Scheme
8 - Tax Saving Deposits
9 - any other means or reason for which funds are put in a bank.

If the government is looking to make the economy a white economy , any amount of public's funds should be safe in any bank in India. Not just limited to 5 lacs.

The public should be fully assured that their full amount of funds in any Indian bank are fully secure and insured and not just limited by LAW to an amount of Rupees Five lacs.