Davanagere: Depositors become the most important stakeholders of the Indian banking system, the central government has made provisions to protect it, said Union State Minister for Electronics, and Information Technology, Development of Skills and Entrepreneurship Rajeev Chandrashekhar on Sunday.
Chandrashekhar, participating in an event on the laws ‘insurance deposits and credit guarantees (amendments), 2021’ was held at the Tungabhadra Hall in the Deputy Office of the Deputy Davanagere, said that 80% of the depositors were lower middle class and the middle class family.
“Knowing this fact, we have increased the insurance coverage of deposits from Rs 1 Lakh to RS 5 Lakh.
This amendment is a landmark in financial reform, such as the decision of Prime Minister Narendra Modi to increase the amount loaned to rural population.
The company’s insurance credit insurance guarantee that deposit insurance has been given Responsibility to protect depositors in nationalized and cooperative banks.
Before 2014, depositors were not offered protection, “said the Union minister.
He added that the Reserve Bank of India and the central government are committed to protecting depositors.
Chandrashekhar shows that part of the new amendments has helped those who lose money at the Millat Cooperative Bank in Davanagere restoring their deposits.
Davanagere MP GM Siddeshwar discussed the meeting, while PM Modi delivered the President’s address, through video conferencing.
Chandrashekhar promises young people in Tier-II cities and small cities such as Davanagere that a large amount of work in the IT and telecommunications sectors will be produced.
“The trade union government works with the Karnataka Government led by Basavaraj Bommai to create more integrated jobs in nature in Tier-II cities,” he added.