Banks play a big role in country's prosperity: PM Modi
Banks play a big role in country's prosperity: PM Modi

New Delhi: Prime Minister Narendra Modi has addressed a function based on the theme 'Deposit First: Guaranteed time-bound deposit insurance payment up to Rs 5 lakh' today on Sunday. During this program, PM Modi said, 'Today is a very important day for the banking sector for the country and for crores of bank account holders of the country. Keeping the spirit of Depositors First in the name given to today's event is making it more precise.

He said, "In the last few days, more than one lakh depositors have got their money back, which has been stuck for years. 1300 crores. Today is witness to how a major problem that has been going on for decades has been solved. He said, "In a major reform, the government has increased the bank deposit insurance cover from Rs 1 lakh to Rs 5 lakh. 98 of fully protected accounts by the end of last financial year after raising the deposit insurance limit to Rs 5 lakh per depositor per bank. It has reached 1 percent. This is much higher than the International Benchmark (International Benchmark) of 80 percent. ''

He further said, "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). In fact, it is a subsidiary of the Reserve Bank of India and provides insurance cover on bank deposits. DICGC secures up to Rs.5 lakh deposited in schemes like saving, current, recurring account, or fixed deposit (FD), etc. In case a bank becomes a defaulter, the DICGC will pay each of its depositors the principal amount plus interest, subject to a maximum of Rs 5 lakh.''

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