Why should we lose our hard earned money due to bad decisions and inefficiencies of a Bank

Why should we lose our hard earned money due to bad decisions and inefficiencies of a Bank

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Mahesh Krishnamoorthy started this petition to Reserve Bank Of India and

While India has very robust Banking system, due to inefficient Government policies for business growth, political interference in the functioning of Banks and RBI, bad credit decisions of Banks, corruption in Banks and inability of Justice system like Police & Courts to recover money from bank fraudsters and bad loans, it is the "Aam Aadmi" or the regular Indian citizen who is losing hard earned money saved by him/her in the Banks for their various short term, long term and emergency needs.

Please note the money put by us in Banks is not just hard earned but on which we have already paid Income Tax, other direct and indirect taxes to the Government and continue to pay tax on interest earned on our own money as well.

What I want to get the RBI, Finance Ministry and PMO to consider is as follows -

1. Raise the insurance value on money in savings and fixed deposits in Banks from Rs.100,000/- to Rs. 15,00,000/- (which is just adding inflation value to 1 lac decided in 1993 as insurance value to the value of the same amount in 2019, which is very fair ask). So, if a bank goes bust then every depositor gets upto 15 lacs which will help rebuild his/her life atleast

2. Optional at depositors discretion to pay insurance premium for the value he/she wants to insure their deposits in the bank over and above 15 lacs. If a bank goes bust then the balance over 15 lacs can be recovered from insurance company

Friends, I need your help to sign this petition so that it reaches the RBI, PMO and Finance Ministry and they consider it for implementation at the earliest.

0 have signed. Let’s get to 100!
At 100 signatures, this petition is more likely to be featured in recommendations!