Lagatar24 Desk
New Delhi, Dec 12: Prime Minister Narendra Modi will address the function on `Depositors First: Guaranteed Time-bound Deposit Insurance Payment up to Rs 5 Lakh` on Sunday ,December 12, at 12pm in Vigyan Bhawan, Delhi.
As per a release from 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 such as savings, fixed, current, recurring deposits, etc. in all commercial banks, functioning in India. Deposits in State, Central and Primary cooperative banks, functioning in States/Union Territories are also covered,” said the PMO.
“In a path-breaking reform, bank deposit insurance cover was enhanced from Rs 1 lakh to Rs 5 lakh,” it added.
The number of fully protected accounts at end of the previous financial year constituted 98.1% of the total number of accounts, with deposit insurance coverage of Rs 5 lakh per depositor per bank, as against the international benchmark of 80 %
Notably, the first tranche of interim payments has been released by the Credit Guarantee Corporation and Deposit Insurance recently, against claims received from depositors of 16 Urban Cooperative Banks which are under restrictions by RBI.
