New Delhi: Reserve Bank of India Governor Shaktikanta Das claimed on Sunday that the nation can become a ‘gross driver’ of the world economy, if all stakeholders in the banking sector are ready to work together. The RBI Governor was speaking at the ‘Depositors First: Guaranteed Time-bound Deposit Insurance Payment up to Rs 5 lakh’ programme.
‘Two significant milestones have been achieved recently in the banking system. After a gap of 27 years, we have increased the cap from Rs 1 lakh to Rs 5 lakh for these depositors. Rs 1 lakh was set in 1993. The second significant change was that within 90 days banks have to give guaranteed deposits’, the RBI governor said. ‘RBI remains committed to ensuring that the banking system remains robust and resilient’, he added. He further stated that depositors should be alert while chasing high returns.
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Prime Minister Narendra Modi and Union Finance Minister Nirmala Sitharaman also attended the event. During the event, PM Modi handed over symbolic cheques to the depositors of the banks that failed to return their money, under the ‘Depositors First: Guaranteed Time-bound Deposit Insurance Payment up to Rs 5 Lakh’ scheme.
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