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Increasing deposit insurance cover will protect ₹76 lakh cr of savings: PM

By Priyanka Verma 
Updated Date

PM Narendra Modi addressed the ‘Depositors First: Guaranteed Time-bound Deposit Insurance Payment up to Rs 5 Lakh’ meeting in New Delhi’s Vigyan Bhawan on Sunday.

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During his address, the prime minister lauded his government for increasing the bank deposit insurance amount to Rs 5 lakh and reducing the time taken for the resolution of claims to 90 days.

“We amended the law for time-bound resolution of deposit insurance claims in 90 days so that middle class does not have to suffer for getting their own money back,” said PM Modi.

Banks are the backbone of the economy and depositors are critical to the health of banks. We have tried to secure both banks and consumers by this move, he added.

With deposit insurance coverage of Rs 5 lakh per depositor per bank, the number of fully protected accounts at end of the previous financial year constituted 98.1% of the total number of accounts, as against the international benchmark of 80%.

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PM Modi said as much as Rs 76 lakh crore of deposits are now protected on account of the government’s move to increase deposit insurance limit —a feat, which the prime minister claimed, is not even achieved by developed countries.

“For years, the attitude of slipping the problems under the carpet was prevalent in our country. But today’s New India focuses on resolving the problems, not delaying their resolution,” he added.

PM Modi also said so far Rs 1300 crore, stuck for years, have been returned to over 1 lakh depositors in the past few months. He added over 3 lakh depositors will receive these claims in the coming days. He further said several steps have been taken to give a sense of security to bank customers who are mostly middle class.
The event was also attended by Union Minister Piyush Goyal, Reserve Bank of India Governor Shaktikanta Das and Finance Minister Nirmala Sitharaman.

The Prime Minister said banking services are now being delivered to the remotest villages. Today, in almost every village of the country, the facility of a bank branch or a banking correspondent has reached within a radius of 5 km. The Prime Minister remarked that there are many such reforms that have helped India’s banking system run smoothly even in the biggest calamity in 100 years.

He added that today, the common citizen of India is able to do even the smallest transactions digitally anytime, anywhere, 24 hours a day.

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