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Your money will be safe even if the bank sinks: PM Modi

By Team YourCoimbatore on 13th December 2021
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On Sunday at the Science Pavilion in Delhi, Prime Minister Narendra Modi said, ‘Deposit holders are a priority; He spoke on ‘Guaranteed Deposit Insurance amount up to Rs. 5 lakhs.

In his speech, he said, “You may have heard a lot of news about the closure of banks. In this situation, the country has made a big change today, the bank has taken steps to guarantee and protect the investment of investors, no longer, even if the banks sink, investors’ money will be protected and their money will be returned for 90 days. ”

He added, ‘This will give confidence to the investors in the country. Maybe in the future, the bank will sink but investor money will not sink. This guarantee will instill confidence in the banking system. As of today, if the bank is in trouble or sinks for any reason, up to Rs 5 lakh will be refunded to the depositor, ‘said Prime Minister Modi.

Logeshwaran J

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