India can become 'gross driver' of world economy if stakeholders in banking sector work together: RBI Governor

Reserve Bank of India Governor Shaktikanta Das on Sunday said that the country can become a "gross driver" of the world economy if all stakeholders in the banking sector work together.

Reserve Bank of India Governor Shaktikanta Das on Sunday said that the country can become a "gross driver" of the world economy if all stakeholders in the banking sector work together. Speaking at the 'Depositors First: Guaranteed Time-bound Deposit Insurance Payment up to Rs 5 lakh' programme here, the RBI Governor said, "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."

Das further stated that depositors should be careful while chasing high returns. "RBI remains committed to ensuring that the banking system remains robust and resilient," he stated.

PM Modi and Union Finance Minister Nirmala Sitharaman were also present at the event. In the event, Prime Minister Narendra 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.

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

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