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22.12 - 18:07
Rs 5 Lakh Deposit Guarantee: Now Mandatory for Banks to Return Money Within 3 Months, says PM
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financialexpress.comIn the last few days, over one lakh depositors have got their money back that was stuck with banks for years. This amount is more than Rs 1300 crore, Prime Minister Narendra Modi today (December 12, 2021) said at an event in New Delhi.
Addressing a function on “Depositors First: Guaranteed Time-bound Deposit Insurance Payment up to Rs. 5 Lakh”, PM Modi said today is a very important day for the banking sector and crores of bank account holders of the country as this day is witnessing how a big problem which was going on for decades has been solved.
PM Modi further said that the system of insurance for bank depositors came into being in the 60s in India. Earlier, out of the amount deposited in the bank, only the amount up to Rs 50,000 was
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