Prime Minister Narendra Modi on Sunday announced that over 1 lakh depositors have got about Rs 1,300 crore of their money that was stuck with stressed banks. He further assured that about three lakh more such account holders will get their deposits with the banks that are under the RBI moratorium, soon.

Parliament in August passed the Deposit Insurance and Credit Guarantee Corporation (Amendment) Bill, 2021, ensuring that account holders get up to Rs 5 lakh within 90 days of the RBI imposing a moratorium on the banks.

This was done keeping the 'Depositors First' spirit in mind, Modi said.

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He said that 'aarthik sashaktikaran' (financial empowerment) is the ultimate goal of the Centre and it has saved banks and provided security to the depositors.

"Smaller banks merged with larger public sector banks to strengthen their capacity, capability, transparency. If banks are to be saved, depositors have to be provided security; we have saved banks, provided security to depositors," he said.

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

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(With inputs from PTI)

(Edited by : Aditi Gautam)

First Published:Dec 12, 2021 2:37 PM IST