Today is a very important day for the banking sector for the country and for crores of bank account holders of the country. How a big problem that has been going on for decades has been solved, today is a witness to it. In the name given to today’s event, Depositors First is putting the spirit of Depositors First first, and making it more precise. In the last few days, more than one lakh depositors have got their money trapped in their account.
And this amount is almost more than Rs 1300 crores. Right now in this program here today and even after this, 3 lakh more such depositors are going to get their money trapped in banks, their money is going to be deposited in their account, they are going to get the money. This is not a small thing in itself and I especially for our country who are our media companions. Today I want to make a request to him. And my experience is that when the cleanliness campaign was running, the friends of the media were requested that even today they are helping me equally. Today I am again making a request to him. We know that if the bank sinks, then the news spreads for many days in the newspapers on TV, it is also natural, such an incident happens.
Big headlines are also made. Very natural. See, today when the country has made a big reform, a very strong system has been started. To the depositors, their money is being returned to the depositors. I want it to be discussed equally in the media, again and again. Not because Modi has done it because he is doing it. This is necessary because trust should be created in the depositors of the country. Maybe due to wrong reasons, wrong habits of some people the bank will sink, maybe, but depositor’s money will not sink. Depositor’s money will be safe. This message will instill confidence in the depositors of the country. There will be trust in the banking system, and this is very important.
brothers and sisters,
Any country can save the problems from getting worse only by timely resolution of them. But you know very well. For years, we have had only one tendency to avoid many problems. Put it under the door. Today’s new India emphasizes on solving problems, today India does not avoid problems. You just remember, that there was a time when a bank used to get into trouble, the depositors had to give their own money to the depositors, this money is their own, the depositor’s money. It was impossible for him to get his own money. how much trouble And there was an outcry everywhere. And it was very natural too. Any person deposits money in the bank with great confidence. Especially our middle class families, those who are people with fixed salary, they are people with fixed income, in the life of those people, banks are their only hope. But due to the wrong policies of some people, when the bank used to sink, then only these families did not get money only, in a way their whole life got stuck. The whole life, the whole seemed like a kind of darkness. What will you do now? The college fees of son and daughter have to be paid – from where? Son and daughter have to get married – from where will the money come? To treat an elderly person – from where will I get the money? Just now my sister was telling me. That heart operation was to be done in his family. How did the problem arise and how has it worked now. There was no answer to these questions before.
It used to take years for people to withdraw their own money from the bank. Our poor brothers and sisters, lower middle class people, our middle class have experienced this situation for decades, have suffered. The problems were especially exacerbated in the case of cooperative banks. Today, those who are associated with this program from different cities, they understand this pain, this pain very well. To change this situation, Our government took decisions with great sensitivity, reformed, changed the law. Today’s event is a result of those decisions. And I always remember that I had been the Chief Minister and there used to be a boom in the bank. So people used to hold our throats. Either the Government of India had to decide or those bankers had to do it, but the Chief Minister used to hold them. Do something with our money, I used to have a lot of problems at that time, And his pain was also very natural. And at that time I used to request the Government of India again and again. That we should increase the amount of one lakh rupees to five lakhs so that we can satisfy maximum families. But well, I was not listened to. If they didn’t, people did it, sent me here. I did it too.
In our country, the system of insurance for bank depositors was made in the 60s. That is, it has been almost 60 years in that too. Earlier, out of the amount deposited in the bank, only the amount up to 50 thousand rupees was guaranteed. Then it was increased to one lakh rupees. That is, if the bank sank, then the depositors used to get only up to one lakh rupees, but when that too would not be guaranteed. The case used to hang for 8-8 and 10-10 years. There was no time limit. Considering the concern of the poor, understanding the concern of the middle class, we have increased this amount from Rs 1 lakh to Rs 5 lakh. That is, in today’s date any bank comes in trouble, then the depositors, the depositors, will definitely get back up to 5 lakh rupees. And the accounts of about 98 percent of the people have been completely covered by this arrangement.
That is, only 2% will remain a little bit. 98% percent of the people are getting all the money they have. And today almost the number of depositors, this figure is also huge. 75 years of independence is going on. Amrit Festival is going on. This is what we are deciding. Due to this, Rs 76 lakh crore is fully insured. Such a comprehensive security cover is not even in developed countries.
By amending the law, reforming has tried to solve another problem. Earlier, where there was no time limit for refund, now our government has to do it within 90 days i.e. 3 months, it has been decided by law. That is, we have put all the bonds on us. Because we are concerned about the common man of this country, the middle class of this country, the poor of this country. This means that if there is a bank week. Even if the bank is in a sinking state, the depositors will get their money back within 90 days. I am glad that within 90 days of the amendment of the law, the claims of thousands of depositors have also been settled.
All of us great scholars, intelligent, economists tell the matter in our own way. I tell in my simple language. Every country wants progress, every country wants development. But we have to remember this thing. Banks play a big role in the prosperity of the country. And for the prosperity of the banks, it is equally important for the depositors’ money to be safe. If we want to save the bank, then depositors have to be given protection. And by doing this we have saved the banks as well, have also saved the depositors. Our banks are a beacon of trust to our depositors as well as our economy. For the last years, we have been making continuous efforts to strengthen this trust, this belief. Over the years, by merging many small public sector banks with large banks, their capacity, capability and transparency have been strengthened in every way. When the RBI supervises the cooperative banks, it will also increase the confidence of the general depositor in them.
We have made a new co-operative system, a new ministry has been formed. There is also an intention to make cooperative institutions strong behind this. Co-operative banks are also going to be more empowered by the creation of special arrangements in the form of co-operative ministry.
For decades and decades, there was a perception in the country that banks are only for those with more money. It used to be the house of the rich. The one who has the most money accumulates it. The one who has big business, he gets quick and more loan. It was also assumed that facilities like pension and insurance are also for those who have money, money. This was not good for the world’s largest democracy. Neither this system is right nor this thinking is right. And we are constantly trying to change this too. Today, farmers, small shopkeepers, farm workers, construction workers and laborers working in homes are also being linked with the facility of pension.
Today crores of poor of the country have got the facility of accident and life insurance cover of Rs 2 lakh each. Under PM Jeevan Jyoti Bima Yojana and PM Suraksha Bima Yojana, about 37 crore countrymen have come under this protection cover. That is, in a way, now the financial sector of the country, the banking sector of the country has been democratized in the true sense.
The problem here was not only with the bank account, but also with the delivery of banking services to the remotest villages. Today, almost every village in the country has the facility of a bank branch or a banking correspondent within a radius of 5 km. Today, there are about 8.5 lakh banking touch points across the country. Through Digital India, we have given new heights to banking and financial inclusion in the country. Today, the common citizen of India is able to do even the smallest transactions digitally anytime, anywhere, 24 hours a day. Far from thinking about it till a few years ago, people who disbelieved in India’s potential used to make fun of this fact.
Our government is working continuously in this direction to increase the strength of the banks of India, increase the capacity of the citizens of the country. Did anyone ever think that even street vendors, hawkers, street vendors can get loans from banks? Neither he ever thought nor can we even think. But today I have to say with great satisfaction. Today such people are also getting loan from Svanidhi scheme and they are also increasing their business. Today, Mudra Yojana is connecting those areas of the country, even those families with self-employment, who had never even thought of it.
You all also know that here, farmers with small land, 85% of farmers in our country, small farmers, have a very small piece of land with them. In spite of having so many banks, our small farmer was forced to take loan from the market from some third, at expensive interest. We have also connected crores of such small farmers with the facility of Kisan Credit Card and we have extended its scope to livestock farmers and fishermen. Today, easy and cheap loans worth lakhs of crores of rupees from banks are making the life of these companions easier.
Connecting more and more countrymen with banks, making bank loans easily accessible, expanding digital banking, digital payments rapidly. There are many such reforms that have helped India’s banking system run smoothly even the biggest disaster of 100 years. Helped to run. I congratulate every fellow of the bank for this work, that they did not leave people helpless in the hour of crisis. When the capable countries of the world were struggling to provide help to their citizens, Then India provided direct help to almost every section of the country at a fast pace. The strength that we have developed in the banking sector of the country over the years, due to the same confidence, the government was able to take big decisions to save the lives of the countrymen. Today, our economy has not only improved rapidly, but we are all seeing very positive signs for the future.
The biggest benefit of financial inclusion and ease of access to credit, if any has happened to our sisters, our mothers to our daughters. deprived of The situation was such that mothers and sisters used to keep their small savings in ration boxes in the kitchen.
The place to keep money for him was the same, keeping it inside the grain, some people used to celebrate it too. The savings that banks have been made to keep safe, could not be used by half the population, it was a big concern for us. The solution to this concern has also played an important role behind the Jan Dhan Yojana. Today its success is in front of everyone. Out of crores of bank accounts opened under Jan Dhan Yojana, more than half of the bank accounts belong to our mothers and sisters, women. The impact of these bank accounts on the economic empowerment of women, we have also seen in the recent National Family Health Survey. By the time this survey was done, about 80 percent of the women in the country had their own bank account. The biggest thing is that almost as many bank accounts are open for urban women as for rural women. It shows that when good plans deliver, it also goes long way in removing the inequalities that exist the society. Having their own bank account has not only increased economic awareness among women, but has also expanded their participation in making financial decisions in the family. Now when the family takes some decision, it makes the mother and sisters sit, takes their opinion.
About 70 percent of the beneficiaries of Mudra Yojana are also women. It has also been our experience that when women get loans, their track record in repaying the same is commendable. If Wednesday is the last date to deposit money, then they go and give it on Monday. Similarly, the performance of self help groups, self help groups, is also very good. In a way, our mothers and sisters deposit every penny. I am sure that with everyone’s efforts, everyone’s participation, this campaign of economic empowerment is going to progress very fast. And we are all going to increase it.
Today the need of the hour is that the banking sector of India should work more actively than before in achieving the goals of the country. In the Amrit Mahotsav of Independence, every bank branch, they have done in 75 years, leaving behind all those records, let us aim to multiply it by one and a half times, two times.
See whether the situation changes or does not change. Whatever your hesitation in giving loan due to past experiences, you should get out now. A large number of countrymen in remote areas of the country, in villages and towns, want to join banks to fulfill their dreams. If you go ahead and help people, then the economic power of more and more people will also increase and this will increase your own strength.
These efforts of yours will help our small entrepreneurs, middle class youth to move forward in making the country self-reliant. The confidence of the bank depositors will reach new heights and today’s opportunity is a new opportunity to instill a new confidence in the various depositors. And this can increase the risk taking capacity of banks manifold. Now there is an opportunity for the banks as well, there is an opportunity for the depositors too. On such an auspicious occasion, I wish you all the very best.
