New Delhi: Prime Minister Narendra Modi Said on Sunday that the government has to step up deposit insurance limit Will not only provide security to the depositors up to Rs 5 lakh, but will make banking system More Secure.
“Banks play a major role in the prosperity of the country. And, it is equally important to ensure that protection of depositors’ money, If we want to secure the banks then we will need to provide security to the depositors,” the PM said at an event. He said that dues of about one lakh depositors, which is up to Rs 1,300 crore, were paid recently, and money of three lakh depositors would be transferred in the coming days.
After 27 years, the government had amended the law to increase the deposit cover from Rs 1 lakh to Rs 5 lakh, as well as ensure prompt payment of dues within 90 days after the RBI imposed moratorium on banks Had taken. Modi said that after the amendment, 98% of the depositors would be covered by the insurance scheme, which was introduced in the 1960s.
“Earlier things used to hang for 8-10 years… depositors had to struggle a lot to withdraw their money,” he said. Whenever there is a problem with a bank, there is a ruckus and it is natural. People keep their money in the bank with great confidence, especially the middle class who have a fixed salary, a fixed income,” he said, arguing that his government is trying to postpone decisions or push them under the carpet. Instead it was decisive.
FM Nirmala Sitharaman The government has given top priority to ensure the interests of the depositors, he said. “There were cases of people who waited for their deposits for five years, six years, seven years and could not get the money back because either the bank was going to be liquidated, or there was some kind of amalgamation,” he said. said.
“Banks play a major role in the prosperity of the country. And, it is equally important to ensure that protection of depositors’ money, If we want to secure the banks then we will need to provide security to the depositors,” the PM said at an event. He said that dues of about one lakh depositors, which is up to Rs 1,300 crore, were paid recently, and money of three lakh depositors would be transferred in the coming days.
After 27 years, the government had amended the law to increase the deposit cover from Rs 1 lakh to Rs 5 lakh, as well as ensure prompt payment of dues within 90 days after the RBI imposed moratorium on banks Had taken. Modi said that after the amendment, 98% of the depositors would be covered by the insurance scheme, which was introduced in the 1960s.
“Earlier things used to hang for 8-10 years… depositors had to struggle a lot to withdraw their money,” he said. Whenever there is a problem with a bank, there is a ruckus and it is natural. People keep their money in the bank with great confidence, especially the middle class who have a fixed salary, a fixed income,” he said, arguing that his government is trying to postpone decisions or push them under the carpet. Instead it was decisive.
FM Nirmala Sitharaman The government has given top priority to ensure the interests of the depositors, he said. “There were cases of people who waited for their deposits for five years, six years, seven years and could not get the money back because either the bank was going to be liquidated, or there was some kind of amalgamation,” he said. said.
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