Reserve Bank of India Governor Shaktikanta Das said high returns are usually associated with high risks, so depositors should be aware enough while chasing returns.
Speaking at the 'Depositors First: Guaranteed Time-bound Deposit Insurance Payment up to Rs 5 lakh' programme, he stated that RBI is proactive in strengthening corporate governance guidelines of banks to ensure that the banking system remains robust and resilient.
He said, “India's moment has come where India can really become a gross driver of the world economy. That will be possible if all stakeholders in the banking sector work together.”
He further added, “RBI remains committed to ensuring that the banking system remains robust and resilient. Two significant milestones have been achieved recently in the banking system. After a gap of 27 years, we have increased the cap from Rs 1 lakh to Rs 5 lakh for these depositors. Rs 1 lakh was set in 1993. The second change was that within 90 days banks have to give guaranteed deposits.”
In the event, Prime Minister Narendra Modi handed over symbolic cheques to the depositors of the banks that failed to return their money, under the 'Depositors First: Guaranteed Time-bound Deposit Insurance Payment up to Rs 5 Lakh' scheme.
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