PM Modi slams previous govts for making middle and poor class suffer; assures solution

Launching a fresh attack on previous Governments, Prime Minister Narendra Modi on Sunday said that in that regime, middle and poor classes have time and again suffered from the banking crisis, but present India is determined on resolving these problems. He also recalled the time when he was a Chief Minister and said that he repeatedly requested the Centre to increase bank deposit insurance cover to Rs 5 lakhs from Rs 1 lakh but to no avail. The Prime Minister was speaking at an event on 'Depositors First: Guaranteed Time-bound Deposit Insurance Payment up to Rs 5 Lakh'.

PM Modi mentioned that 'the attitude of slipping the problems under the carpet was prevalent in our country went on for years.' 

“For years, the attitude of slipping the problems under the carpet was prevalent in our country. Our middle and poor class have time and again suffered from the banking crisis. But today’s new India is determined on resolving these problems,” said PM Modi. 

PM Modi on Significance of the day for the banking sector and account holders

The Prime Minister further added that it is an important day for the sector as it symbolizes the fact that the government has always kept the ‘Depositors First’. 

"Depositors first, the name of this programme reflects our priority and responsibility towards them and their needs. We have increased the cap from Rs 1 lakh to Rs 5 lakh for these depositors to make the most out of this opportunity and build a sense of trust among our depositors,” he added. 

PM Modi attends Deposit Insurance Event in Delhi with Finance Min & RBI Governor

The Prime Minister also handed over symbolic cheques to the depositors of the banks that failed to return their money.

The deposit insurance coverage by the Centre is a path-breaking reform, where it was enhanced from Rs 1 lakh to Rs 5 lakh, said the Prime Minister's Office in its statement. 'Deposit insurance covers all deposits such 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', it added.

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