PM Modi to address depositors in bank deposit Ins programme on Sunday

New Delhi: Prime Minister Narendra Modi will address a programme titled "Depositors First: Guaranteed Time-bound Deposit Insurance Payment up to Rs 5 Lakh." on Sunday, December 12 at noon in Vigyan Bhawan, Delhi.

According to a statement from the Prime Minister's Office, Union Finance Minister Nirmala Sitharaman, the Minister of State for Finance, and the Governor of the RBI would also be present. "Deposit insurance protects all deposits in all commercial banks in India, including savings, fixed, current, and recurring deposits. Deposits in state, central, and primary cooperative banks that operate in states and union territories are similarly protected "PMO stated.

"Bank deposit insurance cover was increased from Rs 1 lakh to Rs 5 lakh in a ground-breaking change," it stated. With deposit insurance coverage of Rs 5 lakh per depositor per bank, fully covered accounts accounted for 98.1 percent of total accounts at the end of the previous financial year, compared to a worldwide average of 80%.

The Deposit Insurance and Credit Guarantee Corporation recently released the first tranche of interim payments in response to claims submitted from depositors of 16 Urban Cooperative Banks that are subject to RBI limitations. Over Rs 1,300 crore has been paid to over 1 lakh depositors' other bank accounts in response to their claims, the PMO said.

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