- Prime Minister Modi addresses ‘First of Depositors: Guaranteed Term Deposit Insurance Payment Program’
- FM Nirmala Sitharaman, Finance Minister and RBI Governor were also present on the occasion
- Deposit insurance covers all deposits such as savings, fixed, current, recurring deposits
On Sunday, Prime Minister Narendra Modi, in a covert attack on the previous regime, said that the middle and poor were repeatedly suffering from the banking crisis, but present-day India was determined to address these issues.
Speaking on the ‘Depositors’ First: Guaranteed Time-Bound Deposit Insurance Payment of Rs 5 lakh’ program, the Prime Minister said the BJP-led central government has improved the financing system and introduced various reforms in the last seven years to facilitate it. Poor and middle class people.
He said that in the last few days, more than one lakh depositors have got their money back which was stuck year after year amounting to more than Rs 1300 crore.
“Over the years, there has been a tendency in our country for problems to slide under the carpet. Our middle and poor class are repeatedly suffering from the banking crisis. But today’s new India is determined to solve these problems,” said Prime Minister Modi.
“Today is an important day for the banking sector and account holders. This day symbolizes the fact that the government has always put ‘depositors first’. Before depositors, the name of this program reflects our priorities and responsibilities towards them and their needs.” He said.
“To make the most of this opportunity and to create a sense of confidence among our depositors, we have increased the cap for these depositors from Rs 1 lakh to Rs 5 lakh,” he added.
Union Finance Minister Nirmala Sitharaman and RBI Governor Shaktikanta Das were present on the occasion.
“The country has demonstrated to work together during this cowardly epidemic. The time has come for India to truly become a major driver of the global economy. This will be possible if all stakeholders in the banking sector work together,” said Shaktikant Das.
The number of fully secured accounts at the end of the previous financial year constituted 98.1 per cent of the total accounts against the international benchmark of 80 per cent, with deposit insurance coverage of Rs 5 lakh per depositor per bank.
(With ANI input)
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