Deposit Insurance Reforms To Instil Confidence In Banking System: PM Modi
NDTV
PM Modi said that about 3 lakh more such account holders will soon get their deposits with the banks that are under the RBI moratorium.
Prime Minister Narendra Modi on Sunday said deposit insurance reforms undertaken by the government will instil confidence in account holders on the banking system.
Parliament in August passed the Deposit Insurance and Credit Guarantee Corporation (Amendment) Bill, 2021, ensuring that account holders get up to Rs 5 lakh within 90 days of the RBI imposing a moratorium on a bank.
This was done keeping the 'Depositors First' spirit in mind, Modi said while announcing that over 1 lakh depositors have got about Rs 1,300 crore of their money with stressed banks in the past few days with the enactment of the legislation.
He assured that about 3 lakh more such account holders will soon get their deposits with the banks that are under the RBI moratorium.