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Letter to BS: There is a dire need to safeguard bank depositors

Banks may pass on the cost of insurance to depositors indirectly

High interests driving depositors to co-op banks even amid bankruptcy

The middle class toils day and night to save money for future needs and deposits it in banks considering them to be 100 per cent safe. But rich scamsters loot the banks leaving the depositors in the lurch. So there is a dire need to safeguard the bank depositors and increase the deposit insurance to at least Rs 50 lakh from the current Rs 1 lakh. Banks may pass on the cost of insurance to depositors indirectly. Otherwise, people will stop depositing their life's savings in banks and the banking system will collapse. 

A K Gupta, Ludhiana


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