Banks Will Prosper If They Can Protect Depositors Money.

New Delhi, December 12, 2012 : .Prime Minister Narendra Modi stated Sunday that the bank’s overall success depends on the protection of the money of the depositors.
Banks are a key part of the nation’s prosperity.It is vital that depositors have access to safe money for their bank’s prosperity.Modi stated that if we are to save banks then depositors must be protected at an event entitled “Depositors first: Guaranteed Time-bound, Deposit Insurance Payment Up to Rs 5 Lakh”

Modi presented cheques during the event to some depositors, whose hard-earned cash was lost due to bankruptcies.

Today’s event is named “Depositors First” because it keeps true to the spirit of “Depositors First”.Over one million depositors got their money back in the past few days.This amount was not available for many years.

Modi said that this amount exceeds Rs 1300 crore.

Indian bank depositors were first insured in the 1960s.It offered security up to Rs 50,000.Later, it was increased to Rs 15,000 There was however no time limit for depositors to return their money.