PM addresses people on ‘depositors first’, guaranteed time bound insurance payment scheme

Nishtha Roy

New Delhi, December 12

Prime Minister Shri Narendra Modi addressed a gathering on “Depositors First: Guaranteed Time-bound Deposit Insurance Payment up to Rs.5 Lakh” in New Delhi. PM Modi said that it was a very important day for the banking sector and crores of bank account holders of the country as this day is witnessing how a big problem which was going on for decades has been solved. In the last few days, more than 1 lakh depositors got their money back, more than Rs.1300 crore, which was stuck for years. Union Finance Minister, MoS Finance, and RBI Governor were among those present on the occasion.

PM Modi also said that there was a tendency to avoid problems for years, and any can reduce problems by timely resolution. He stated “Today’s new India strives to solve problems, Today India does not avoid problems.

PM Modi went on to give a brief history of how the system of insurance for bank depositors came into being in India, and how many laws were amended to bring more change in the country. PM then also spoke about how over the years, the banking sector has changed and adapted to the areas where they have been set up.

The Prime Minister said that measures taken in the last few years have taken the facilities like insurance, bank loans, and financial empowerment to a largely underserved segment of the poor, women, street vendors, and small farmers.

The first of the interim payments have been released by the Deposit Insurance and Credit Guarantee Corporation and a pay-out of over 1300 crore has been made to alternate bank accounts of over Rs.1 lakh depositors against their claims.

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