Mera Saansad
Search Search
Assamese language

PM addresses depositors in a bank deposit insurance programme in Delhi

Published By : Admin | December 12, 2021 | 10:27 IST
“In the last few days, more than one lakh depositors have got their money back that was stuck for years. This amount is more than Rs 1300 crore”.
“Today's new India strives for solving problems, today’s India does not avoid problems”
“Understanding the concern of the poor, understanding the concern of the middle class, we increased guaranteed amount to Rs 5 lakh”
“Earlier there was no time limit for refund, now our government has made it mandatory to refund within 90 days”
“Banks play a major role in the prosperity of the country. And for the prosperity of the banks, it is equally important for the depositors' money to be safe. If we want to save the bank, then depositors have to be protected”
“When even the developed countries of the world were struggling to provide help to their citizens, India provided direct help to almost every section of the country very quickly”
“Of the crores of bank accounts opened under Jan Dhan Yojana, more than half belong to women”

Prime Minister Shri Narendra Modi addressed a function on “Depositors First: Guaranteed Time bound Deposit Insurance Payment up to Rs. 5 Lakh” in New Delhi today. Union Finance Minister, MoS Finance and RBI Governor were among those present on the occasion. The Prime Minister also handed over cheques to some of the depositors.

Addressing the gathering, the Prime Minister 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. He stressed that the spirit of ‘Depositors First’ is very meaningful. In the last few days, more than one lakh depositors have got their money back that was stuck for years. This amount is more than Rs 1300 crore, Shri Modi said.

The Prime Minister said any country can save the problems from getting worse only by timely resolution of them. However, he said, for years there was a tendency to avoid problems. Today's new India strives for solving problems, today India does not avoid problems.

The Prime Minister informed that in India, the system of insurance for bank depositors came into being in the 60s. Earlier, out of the amount deposited in the bank, only the amount up to 50 thousand rupees was guaranteed. Then it was raised to one lakh rupees.That is, if the bank sank, then the depositors had a provision to get only up to one lakh rupees. There was no time limit on when this money would be paid. “Understanding the concern of the poor, understanding the concern of the middle class, we increased this amount to Rs 5 lakh”, The Prime Minister said. Another problem was tackled by amending the law. “Earlier where there was no time limit for refund, now our government has made it mandatory within 90 days i.e. 3 months. That is, even in the event of a bank sinking, the depositors will get their money back within 90 days”, he said.

The Prime Minister remarked that banks play a major role in the prosperity of the country. And for the prosperity of the banks, it is equally important for the depositors' money to be safe. If we want to save the bank, then depositors have to be protected.

The Prime Minister noted that over the years, by merging many small public sector banks with large banks, their capacity, capability and transparency have been strengthened in every way. When RBI monitors co-operative banks, it increases the confidence of the common depositor in them. He said.

The Prime Minister said the problem was not only about the bank account, but also about the delivery of banking services to the remotest villages. Today, in almost every village of the country, the facility of a bank branch or a banking correspondent has reached within a radius of 5 km. He added that today, the common citizen of India is able to do even the smallest transactions digitally anytime, anywhere, 24 hours a day. The Prime Minister remarked that there are many such reforms that have helped India's banking system run smoothly even in the biggest calamity in 100 years. “When even the developed countries of the world were struggling to provide help to their citizens, India provided direct help to almost every section of the country at a fast pace”, he added.

The Prime Minister said that measures taken in the last few years have taken the facilities like insurance, bank loans and financial empowerment to a large underserved segment of the poor, women, street vendors and small farmers. The Prime Minister said banking had not reached women of the country in any significant way earlier. He said this was taken as a priority by his government. Of the crores of bank accounts opened under Jan Dhan Yojana, more than half belong to women. “The effect these bank accounts have on the economic empowerment of women, we have also seen in the recent National Family Health Survey”, he said.

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. In a path breaking reform, Bank deposit insurance cover was enhanced from Rs. 1 lakh to Rs. 5 lakh.

With deposit insurance coverage of Rs. 5 lakh per depositor per bank, the number of fully protected accounts at end of previous financial year constituted 98.1% of the total number of accounts, as against the international benchmark of 80%.

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 RBI. Payout of over Rs 1300 crore has been made to alternate bank accounts of over 1 lakh depositors against their claims.

Click here to read PM's speech

Login or Register to add your comment
Explore More
শ্ৰী ৰাম জনমভূমি মন্দিৰৰ ধ্বজাৰোহণ উৎসৱত প্ৰধানমন্ত্ৰীৰ সম্বোধনৰ অসমীয়া অনুবাদ

Popular Speeches

শ্ৰী ৰাম জনমভূমি মন্দিৰৰ ধ্বজাৰোহণ উৎসৱত প্ৰধানমন্ত্ৰীৰ সম্বোধনৰ অসমীয়া অনুবাদ
View All
Tier-2 cities drive growth in India's tech hiring as GCC expansion spreads beyond metros

Media Coverage

Tier-2 cities drive growth in India's tech hiring as GCC expansion spreads beyond metros
View All
NM on the go

Nm on the go

Always be the first to hear from the PM. Get the App Now!
Download App
...
List of Outcomes: Prime Minister of Japan’s visit to India for the 16th India-Japan Annual Summit
July 02, 2026
Sl. No.OutcomeDescription
1. India-Japan Joint Declaration on Economic Security Promotes project-based collaboration for enhancing joint resilience in key sectors including semiconductors, critical minerals, information and communication technology including AI, clean energy and pharmaceuticals. India-Japan Fact Sheet 2.0 captures growing India-Japan G2G and B2B engagement in this crucial area.
2. India-Japan Joint Statement on Cooperation in the Field of Artificial Intelligence Elevates the India-Japan relationship to a strategic research and development partnership in the AI domain. Building on the India-Japan AI Initiative, the Joint Statement provides a roadmap for greater cooperation across the entire AI technology stack in pursuit of the shared vision of safe, secure, trusted, inclusive, and human-centric AI.
3 Joint Statement on Energy Resilience (between MoPNG and METI, Japan) Strengthens cooperation in strategic stockpiling and reserve mechanisms for crude oil and petroleum products. Promotes collaboration in joint investments across the maritime energy transport value chain.
4. Celebrating the 75th Anniversary of India-Japan Diplomatic Relations Outlines a series of commemorative events to celebrate 2027, the 75th anniversary of establishment of diplomatic relations, as the India-Japan Year of Shared Horizons
5. Memorandum of Cooperation for India-Japan Cooperative Biogas for Growth (CBG) Initiative Promotes cooperation towards the goal of establishing 1,000 biogas and organic fertilizer plants all across India, leveraging the extensive network of dairy cooperatives.
6. Memorandum of Cooperation in the Field of Batteries Promotes cooperation in battery-related projects and expands business opportunities with an aim of building a trusted, resilient and sustainable battery supply chain.
7. Memorandum of Cooperation in the Field of Pharmaceuticals and Medical Devices Sector Strengthens pharma supply chains, including in Active Pharmaceutical Ingredients (APIs) and Key Starting Materials (KSMs), through promotion of bilateral investment and business linkages, technical collaboration and industry-academia collaboration.
8. Memorandum of Cooperation in the Field of Geology and Mineral Exploration Strengthens cooperation in upstream critical minerals exploration through exchange of technical expertise.
9. Memorandum of Cooperation between IndiaAI Mission and Ministry of Economy, Trade and Industry (METI), Japan Promotes institutional cooperation between IndiaAI Mission and Japan’s GENIAC initiative – through B2B matchmaking, webinars on AI policies and challenges and support for joint projects through access to computing resources
10. Memorandum of Cooperation on Next Generation Mobility Partnership (NGMP) Establishes a framework for operationalizing the Next Generation Mobility Partnership (NGMP) which was announced at the 15th Annual Summit in August 2025. The NGMP would accelerate private sector-led cooperation and investment in mobility sectors including rail, automotive and road infrastructure, aviation, shipbuilding and ports, logistics, and urban development, positioning India as a hub for “Make in India for the World” exports to third countries.
11. Memorandum of Understanding between India’s Centre for Cellular and Molecular Platforms (C-CAMP) and RIKEN, Japan Establishes a framework for academic, translational research and start-up oriented innovation in deep-tech and life sciences, covering healthcare, agriculture and environment.
12. Memorandum of Understanding between National Center for Biological Sciences-Tata Institute of Fundamental Research and RIKEN, Japan Creates a framework for cooperation in basic biological and neuroscience research between the two leading research institutions
13. Memorandum of Understanding between IIT Bombay, BharatGen Technology Foundation and National Institute of Informatics, Japan Furthers collaboration on large language models (LLMs), with a focus on developing LLMs for enhanced scientific reasoning, through joint research exchanges
14. Memorandum of Understanding between SarvamAI and Preferred Network on LLM Development Creates a framework for cooperation across the full AI technology stack, including foundation models.
15. Memorandum of Understanding Between National Internet Exchange of India (NIXI) and Japan Network Information Center (JPNIC) Promotes cooperation in National Internet Registry operations, IPv6 adoption, internet security improvements, capacity building, student/professional exchanges and exchange of views on internet governance at regional and global forums.
16. Exchange of Letters Between International Financial Services Centres Authority (IFSCA) and Financial Services Agency, Japan (JFSA) Establishes a framework for cooperation in development, regulation and supervision of financial services as well as information exchange on financial-market trends and best practices, particularly in FinTech and RegTech.