New Delhi: Reserve Bank of India (RBI) Governor Shaktikanta Das, on Sunday (December 12) cautioned depositors to be careful while chasing high returns as it comes with higher risk.
Speaking at the 'Depositors First: Guaranteed Time-bound Deposit Insurance Payment up to Rs 5 lakh', he said that high returns come with higher risk and that’s why so depositors should be discerning enough while chasing returns.
The RBI governor said that the RBI remains committed to ensuring that the banking system remains robust and resilient.
At the same event, Prime Minister Narendra Modi said that new India focuses on resolving problems, and not on delaying their resolution. He also highlighted how deposit insurance and credit guarantee corporations (DICGC) is making sure that bank depositors receive their money back in cases of a bank failure.
PM Modi said that depositors are being paid back their deposits in case of the collapse of banks. “There was a time when depositors faced hardship to get back their own money from banks under stress.” Also Read: THIS Rs 1 note is selling for Rs 7 lakh, check how you can sell it too
Modi also highlighted that out due to the lack of any such scheme, poor, middle-class bank customers toiled for years. He informed that so far Rs 1,300 crore have been paid to 1 lakh depositors in 1 year. Also Read: New India focuses on resolving problems, not delaying resolution: PM Narendra Modi at bank deposit insurance event
- With PTI inputs.
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