Your deposits are safe in banks, reassures PM Narendra Modi

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Narendra ModiFinancial Resolution and Deposit Insurance (FRDI) Bill is a corrective measure for improving the financial health of banks and depositors money is absolutely safe in banks, reassured Prime Minister Narendra Modi, while addressing a session at Annual General Meeting (AGM) of the Federation of Indian Chambers of Commerce and Industry (FICCI) in New Delhi.

Earlier, Union Minister of Finance Arun Jaitley had assured the depositors on safety of their money kept in the banks.

Launching a derisive attack on the Congress-led United Progressive Alliance (UPA) government, he said that the previous government is responsible for the rising menace of Non-Performing Assets (NPAs).

“The noise around NPAs is because of the previous government. Banks were pressurised to give loans to big businessmen; this scam was bigger than Commonwealth, 2G or coal scam,” said the Prime Minister.

He said that the nation is tired of the corruption that emerged due to UPA government and its’ the responsibility of the industry to understand the grim situation and thus bring corrective measures to make India self-sufficient.

NDA government is empowering the poor man with a provision to access basic services namely bank account, pension and gas connection. The government is sensitive towards addressing such problems, he said.

“When we started the Jan Dhan Yojana, we had negligible data on accounts. Now with over 30 crore accounts already opened, we know how much change this scheme has created,” said the Prime Minister.

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