Credit Guarantee Scheme: PM will give security information on the amount deposited in bank accounts, amount up to 5 lakh will be safe

Prime Minister Narendra Modi will address the program ‘Depositors First: Guaranteed Time Bound Deposit Insurance Payment up to Rs 5 lakh’ program today. The program will start at 12 noon at Vigyan Bhawan, Delhi. In the program, PM Modi will give information about the guarantee of Rs 5 lakh available on bank deposits under the Deposit Insurance Credit Guarantee Corporation (DICGC) Act. Union Finance Minister Nirmala Sitharaman, Minister of State for Finance and RBI Governor will also be present in the office.

1300 crore paid under credit guarantee scheme
According to the information given by the government, a total of Rs 1300 crore has been paid to 1 lakh people under the Credit Guarantee Scheme to the customers of 16 co-operative banks. These were the customers of those banks which were banned by RBI.

98.1% of the total accounts of the country are covered in this
According to the information given by the government, 98.1% of the total accounts of the country are covered under the credit guarantee scheme, whereas if we talk about the world then it is 80%. That is, we are ahead of the world average in this matter.

Bank cover was increased to Rs 5 lakh in Budget 2021
The inclusion of this change in the DICGC Act will bring great ease to the depositors, as they will get their deposits up to Rs 5 lakh back within a stipulated time. In case of bank failure, the depositor will get his money easily within the stipulated time as per the cover of DICGC. It was announced in the budget that the amount of Rs 5 lakh deposited in banks will now be secured under the DICGC Act.

The announcement was made after the fraud in Punjab and Maharashtra Co-operative Bank
The Finance Minister made this announcement in the budget after the fraud in Punjab and Maharashtra Co-operative Bank. After this Yes Bank was also caught in financial crisis. There was a limit on daily withdrawal in the bank.

DICGC is a Reserve Bank company, which reserves Rs 5 lakh in savings, current, recurring and fixed deposit (FD) accounts of each depositor. If a bank defaults, DICGC will pay an amount up to Rs 5 lakh (principal amount plus interest) to each of its depositors.

Before May 1993, there was a guarantee of return only up to 30 thousand rupees.
Before May 1993, bank depositors were guaranteed refund only on deposits up to Rs 30,000 in their bank accounts. It was changed in 1992 due to a security scam. The amount insured was increased to Rs 1 lakh after the Bank of Karad in Maharashtra went bankrupt.