Allaying fears of bank account holders, Prime Minister Narendra Modi on Wednesday said their deposits in banks are safe. He said rumours are being spread about depositors’ money being put at risk through provisions of the Financial Resolution and Deposit Insurance (FRDI) Bill.
The PM’s statement has come at a time when there is confusion among the masses about the provisions of the Bill.
“The Government is trying to strengthen the banking system by policy initiatives on a daily basis. But on social media, rumours are being spread about the FRDI Bill, which is completely opposite to the reality. We are trying to protect the depositors’ interest and the banks as well,” Modi said at the FICCI’s Annual General Meeting here.