Centre enhanced financing system in last 7 years to benefit poor, says PM Modi

NEWS WAVE INDIA: Prime Minister Narendra Modi on Sunday, in a veiled attack on the previous regime, said that the middle and poor class have time and again suffered from the banking crisis, but present India is a determined on resolving this problem.

Speaking at the ‘Depositors Fast: Guaranteed time- bound deposit insurance payment up to rupees 5 lakh’ program here, the Prime Minister said that the BJP-led Central government has enhanced financing system and has introduced various reforms in the last seven years to benefit the poor and middle-Class individuals.

He informed that in the last few days, more than 1 Lakh depositors have got their money back which was stuck for years which amounts to more than rupees 1300 crore.

PM Modi said, “Today is an important day for the banking sector and account holders. today symbolizes the fact that the government has always kept the ‘Depositors first’ Depositors first, the name of the program reflects our priority and responsibility towards them and their needs,” he said.

“We have increased the cap from rupees 1 Lakh to rupees 5 Lakh for these depositors to make the most out of this opportunity and build a sense of trust among our depositors,” he added. Union Finance Minister Nirmala Sitharaman and RBI Governor Shaktikanta Das were also present at the event.