Industry Chamber Assocham Asks Centre To Drop “Bail-In” Clause From FRDI Bill

The Logical Indian Crew

December 15th, 2017 / 3:18 PM

Industry Chamber Assocham Asks Centre To Drop “Bail-In” Clause From FRDI Bill

Industry chamber Assocham asked the Centre to remove the “bail-in” clause from the draft Financial Resolution and Deposit Insurance (FRDI) Bill.

Assocham said that the FRDI bill has generated panic amongst depositors and there is an erosion of trust due to the Clause 52. The new FRDI bill 2017 has a provision of “canceling a liability owed by the banks and modifying the form of a liability”. It means depositors will not get immediate cash to fulfill their obligations.

What Assocham said?

“The Centre’s assurance that the depositors’ interest in case of a bank going down under would be fully protected should be clearly and unambiguously spelt out in the Financial Resolution and Deposit Insurance (FRDI) bill and a clause that seeks to treat depositors as other creditors and shareholders for bail-in, must be removed,” said Assocham, according to Deccan Chronicle.

They further said that this bail-in clause was included so that the government does not have to bear the loss all alone if the bank fails and hence, roped in depositors too. “The government’s assurance notwithstanding, Sub-section 7 of Section 52 of the proposed law clearly says that the bail-in, to which depositors have a strong objection to, shall not be applicable to deposits to the extent only covered by insurance,” said the chamber.

Assocham said that depositor’s money should be protected at every cost. “Now as of now, the deposits are covered only up to Rs 1 lakh, which is a measly sum for millions of middle-class families which have kept their life savings in bank deposits,” it said

They also mentioned that if people’s trust from banks is gone, then they will start investing in “unproductive avenues” like in real estate, gold, jewelry and even in the unorganized sector, where there is a possibility of the money being mishandled by people.

They further said that pensioners, old age people, and middle-class families depend on bank deposits for financial security, hence, this bail-in is not a plausible solution. Any move to copy the western concept of “bail-in” should be avoided.

Tata Salt

BABA SEHGAL, the rap star is back with a cause. In a bid to create awareness about BP and its symptoms on the ‘World Hypertension Day’ celebrated on 17th May every year. In collaboration with Tata Salt Lite, Baba Sehgal responded to angry twitterati through hilarious raps asking them to #TakeItLite. It is an effort to address people who these days tend to get angry at small things very frequently. More often than not, social media becomes the gateway to vent their anger .‘Choti Choti Baaton Pe Gussa hona’ could be a symptom of hypertension. Baba, in his series of raps, responded to @Neha Dhupia and a bunch of other people who recently ranted on Twitter, asking them to # TakeItLite.

#takeitlite pic.twitter.com/b2KuEhDPWH

— Baba Sehgal (@OnlyBabaSehgal) May 17, 2019

The above activity was an initiative by Tata Salt Lite to create awareness on Hypertension. Twitter is currently abuzz with Sehgal’s raps. Twitterati across the platform have taken to their twitter handles to share #TakeItLite.

#takeitlite pic.twitter.com/2JcTHtBNCZ

— Baba Sehgal (@OnlyBabaSehgal) May 17, 2019

#takeitlite pic.twitter.com/RGhnU1sBQz

— Baba Sehgal (@OnlyBabaSehgal) May 17, 2019

Hypertension kills 7.5 million people worldwide each year, which is more than AIDS, road accidents, diabetes, and tuberculosis combined. Hypertension is the most common preventable cause of cardiovascular and non-communicable diseases throughout the world. Many studies have evidently emphasized that hypertension is a ‘silent killer’, with no warning signs. Therefore, knowing that one’s blood pressure is elevated allows the individual to take some action to mitigate the rising blood pressure, thus preventing fatal diseases.

Tata Salt Lite is a 15% low sodium salt and it is specially designed to provide consumers a convenient means to take preventive measures towards keeping the blood pressure in check. The campaign is another creative attempt to engage and educate consumers.

The Logical Indian appreciates the initiative of Tata Salt Lite to make people aware of hypertension that is otherwise overlooked by people; a small step towards sensitizing people to help them make a conscious choice of consumption.

Industry Chamber Assocham Asks Centre To Drop “Bail-In” Clause From FRDI Bill

The Logical Indian Crew

What Assocham said?

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Baba Sehgal's Raps Encourages Angry Twitterati To #TakeItLite This World Hypertension Day

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