New Delhi: Prime Minister Narendra Modi will address a function today on the theme 'Deposit First: Guarantee of Timebound Deposit Insurance Payments up to Rs 5 lakh'. Recently, the PMO has issued an official statement stating that Union Finance Minister Nirmala Sitharaman (Nirmala Sitharaman), Minister of State for Finance and RBI Governor (RBI Governor) Shaktikanta Das will also be present on the occasion. As per the information received, it also covers deposit accounts of cooperative banks operating in states and Union Territories. In this case, it includes all types of accounts such as savings accounts, fixed deposits, current accounts and recurring deposits under deposit insurance.

In a major reform, the government has increased bank deposit insurance cover (Bank Cover Deposit Insurance) from Rs 1 lakh to Rs 5 lakh. The number of fully protected accounts is said to be 98 by the end of the last financial year after raising the deposit insurance limit to Rs 5 lakh per depositor per bank. It has reached 1 per cent. As per the information received, it is much higher than the International Benchmark (International Benchmark) of 80%. On the other hand, Deposit Insurance and Credit Guarantee Corporation (Deposit Insurance and Credit Guarantee Corporation) has recently released the first instalment of an interim payment.

The amount is said to have been released to depositors of 16 Urban Cooperative Banks and these urban cooperative banks have been curbed by the Reserve Bank. The statement issued said that more than Rs 1,300 crore has been paid to the alternative bank accounts of about 1 lakh depositors. According to reports, the function will also be attended by the Union Finance Minister, Minister of State for Finance and RBI Governor.

What is DICGC?- Deposit Insurance Credit Guarantee Corporation. It is a corporation under the Reserve Bank, called deposit insurance and suffix guarantee corporation (Deposit Insurance and Credit Guarantee Corporation). It is a subsidiary of rbi and provides insurance cover on bank deposits.

Let me tell you that DICGC secures up to Rs. 5 lakhdeposited in schemes like saving, current, recurring account or fixed deposit (FD) etc. in banks. In such a case, if a bank defaulter is made, each of its depositors will be paid a maximum of Rs. 5 lakhs by including the original amount and interest DICGC. In fact, under this act, earlier depositors' investments up to a maximum of Rs. This has been changed to 5 lakhs. At the same time, the time limit for return of money to account holders has been fixed at 90 days. The amendment is said to provide insurance cover to the investment of account holders and investors in a way.

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