'Today's new India is determined on resolving these problems'- Narendra Modi

by Suryaa |

Prime Minister Narendra Modi has said that the BJP-led central government has shaped the economy in the last seven years to benefit the poor. He said that many reforms have been undertaken for this.

He said the deposit insurance reforms undertaken by the government would give customers confidence in the banking system. He said that under the previous government, poor and middle class people were repeatedly troubled by the banking crisis. However, Nava Bharat was determined to address these issues.

Bank Deposit Insurance
Prime Minister Narendra Modi attended a conference in Delhi on 'Depositors First: Guaranteed Time-Bound Deposit Insurance Payment up to Rs 5 lakh'. Speaking on the occasion, Modi said that just days after the passage of the Deposit Insurance and Credit Guarantee Corporation (Amendment) Bill, 2021, more than one lakh customers had withdrawn their money, which was over Rs 1,300 crore. The Prime Minister assured that another three lakh customers would soon get their deposits in the banks under the RBI moratorium.

"For years, the attitude of slipping the problems under the carpet was prevalent in our country. Our middle and poor class have time and again suffered from the banking crisis. But today's new India is determined on resolving these problems. Today is an important day for the banking sector and account holders. Today symbolises the fact that the government has always kept the 'Depositors First'. Depositors first, the name of this programme reflects our priority and responsibility towards them and their needs," PM Modi said.

"We have increased the cap from Rs 1 lakh to Rs 5 lakh for these depositors to make the most out of this opportunity and build a sense of trust among our depositors," he added.

Union Finance Minister Nirmala Sitharaman and RBI Governor Shaktikanta Das were also present at the event.

"The country has demonstrated working together during this COVID pandemic. India's moment has come where India can really become a gross driver of the world economy. That will be possible if all stakeholders in the banking sector work together," Shaktikanta Das said.

With deposit insurance coverage of Rs 5 lakh per banker per depositor, the total number of protected accounts at the end of the financial year is 98.1 per cent. This is more than 80 percent of the international benchmark.

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