PM Modi says, financial empowerment of people is our ultimate goal

Prime Minister Narendra Modi on Sunday said that 'aarthik sashaktikaran' (financial empowerment) is the ultimate goal of the Centre and it has saved banks and provided security to the depositors.

While addressing the 'Depositors First: Guaranteed Time-bound Deposit Insurance Payment up to Rs 5 lakh' programme in the national capital, the Prime Minister said, "We intend to introduce uniformity in the banking system for everyone instead of catering to a reserved section of the society. Baking for all is our aim."

"Aarthik Sashaktikaran is our ultimate goal and we will ensure to scale it to new heights with dynamic reforms for the common man," PM Modi said.

"Smaller banks merged with larger public sector banks to strengthen their capacity, capability, transparency. If banks are to be saved, depositors have to be provided security; we have saved banks, provided security to depositors," he said.

He stated that financial inclusion, ease of access to credit provided by the government has helped women most.

"Of the crores of bank accounts opened under Jan Dhan Yojana, more than half belong to women. Also, 80 per cent of women in India have bank accounts. The impact is immense," he said.

The Prime Minister appreciated the Digital India programme and said that the people are able to access their banking system digitally 24*7, from anywhere.

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.

Citing the effectiveness of the increased cap for the depositors, he said, "Increased depositors' amount is a landmark reform in the financial system and one-of-its-kind not only in India but among various developed nations."

"We have understood the challenges faced by the poor people and therefore increased the depositors' amount. The increased amount is a sense of security to them, in case any bank faces a financial crunch," he added.

Union Finance Minister Nirmala Sitharaman and RBI Governor Shaktikanta Das were also present at the event.

(ANI)

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