11
Dec
Prime Minister Narendra Modi will address the function on “Depositors First: Guaranteed Time-bound Deposit Insurance Payment up to Rs 5 Lakh” tomorrow at Vigyan Bhawan in New Delhi. Deposits in State, Central and Primary cooperative banks, functioning in States/Union Territories are also covered. Deposit insurance covers all deposits such as savings, fixed, current, recurring deposits, etc. in all commercial banks, functioning in India. 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…
