Prime Minister Narendra Modi will address the function on “Depositors First: Guaranteed Time-bound Deposit Insurance Payment up to Rs 5 Lakh” on Sunday here in Vigyan Bhawan.
Union Finance Minister, Minister of state of Finance and RBI Governor will also be present on the occasion.
Deposit insurance covers all deposits such as savings, fixed, current, recurring deposits and others in all commercial banks, functioning in India. Besides, Deposits in State, Central and Primary cooperative banks, functioning in States and Union Territories are also covered.
In a major reform, Bank deposit insurance cover was enhanced from Rs. 1 lakh to Rs. 5 lakh.
With deposit insurance coverage of Rs. 5 lakh per depositor per bank, the number of fully protected accounts at end of previous financial year constituted 98.1% of the total number of accounts, as against the international benchmark of 80%.