In a program organized at Vigyan Bhawan here, the Prime Minister said that banks play an important role in the progress of any country. (Image: ANI)
PM Modi assured that about three lakh more such account holders will get deposits with those banks which are under RBI moratorium soon.
- PTI
- Last Update:December 12, 2021, 2:30 pm IS
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Prime Minister Narendra Modi On Sunday, the deposit insurance reforms undertaken by the government would instill confidence in the banking system among the account holders. Parliament in August passed the Deposit Insurance and Credit Guarantee Corporation (Amendment) Bill, 2021, to ensure that account holders get up to Rs 5 lakh within 90 days of the RBI imposing a moratorium on banks.
This was done in keeping with the spirit of ‘depositor first’, with Modi announcing that over 1 lakh depositors have received around Rs 1,300 crore with stressed banks with the enactment of the law in the last few days. He assured that about three lakh more such account holders will get their deposits in those banks which are under the moratorium of RBI.
In a program organized at Vigyan Bhawan here, the Prime Minister said that banks play an important role in the progress of any country. “Safety of depositors’ money is important for the growth of banks. If we have to save banks, we have to protect depositors,” he said.
Deposit insurance covers all deposits like savings, fixed, current and recurring deposits in all commercial banks. Deposits in state, central and primary co-operative banks, banks operating in states and union territories have also been included. With deposit insurance coverage of Rs 5 lakh per depositor per bank, the number of fully protected accounts at the end of the last financial year stood at 98.1 per cent of the total number of accounts against the international benchmark of 80 per cent.
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