PM Modi to address bank deposit insurance programme today


New Delhi: Prime Minister Narendra Modi will address a function on ‘Depositor First: Guaranteed Time-bound Deposit Insurance Payment of Rs 5 lakh’ at Vigyan Bhawan in Delhi on Sunday afternoon.

According to an official statement from the Prime Minister’s Office, Union Finance Minister Nirmala Sitharaman, MoS Finance and RBI Governor will also be present on the occasion. “Deposit insurance covers all deposits like savings, fixed, current, recurring deposits etc. in all commercial banks operating in India. Deposits in state, central and primary co-operative banks, operating in states/UTs,” PMO .

“In an unprecedented improvement, the bank deposit insurance cover has been increased from Rs 1 lakh to Rs 5 lakh,” it said.
With deposit insurance coverage of Rs 5 lakh per depositor per bank, the number of fully protected accounts at the end of the last financial year stood at 98.1 per cent of the total number of accounts against the international benchmark of 80 per cent.

The first tranche of interim payment has been released by the Deposit Insurance and Credit Guarantee Corporation recently, against claims received from depositors of 16 urban co-operative banks, which are under restrictions by the RBI. Over Rs 1,300 crore has been paid against their claims in alternate bank accounts of over 1 lakh depositors, informed the PMO. (ANI)

First published:December 12, 2021, 9:03 am

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