New Delhi, December 11, : , Prime Minister NarendraModi will speak on Sunday at Vigyan Bhawan on the topic “Depositors First”: A Guaranteed Time-bound Deposit insurance payment up to Rs 5 Lakh.
Deposit insurance covers all deposits such as savings, fixed, current, recurring deposits, among others in all commercial banks, functioning in India.
Deposits in State, Central and Primary cooperative banks, functioning in States or Union Territories are also covered.
In a path-breaking reform, bank deposit insurance cover was enhanced from Rs 1 lakh to Rs 5 lakhs.
Deposit insurance coverage for Rs 5 lakhs per bank depositor meant that 98.1 percent of all accounts were fully protected at the end of last financial year, compared to the 80 per cent international standard.
The first tranche of interim payments has been released by the Deposit Insurance and Credit Guarantee Corporation recently, against claims received from depositors of 16 Urban Cooperative Banks which are under restrictions by the RBI.
Payout of over Rs 1,300 crore has been made to alternate bank accounts of over 1 lakh depositors against their claims.
Nirmala Sitharaman (Union Finance Minister), MoS Finance Bhagwat K.Karad (MoS Finance) and Shaktikanta Das (RBI Governor) will be there.
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