Finance Minister Defends FRDI Bill Again, Says Will Protect Depositors Interest

Bharat Nayak

December 13th, 2017 / 4:29 PM

Image Credits: Business Standard

If you haven’t been living under the rock, you must be aware of The FRDI bill and controversial bail-in clause in it. The bail-in clause states that in case a bank is failing, the deposits in the bank could be converted into securities like stocks of a bank.

After the outrage over the bill, the finance minister first through Twitter and then through a press release defended the bill and said that the depositor’s money is safe in the banks and the bill that is to be tabled this winter session is beneficial for the public. He also alleged that wrong information is being spread about the bill.

Finance Ministry again on Monday defended the bill saying that public sector banks are being given Rs 2.11 lakh crore to strengthen them and there was no question of any bank failing. “The FRDI Bill is before the joint committee of Parliament. Whatever the recommendations of the committee are, the government will consider,” FM Arun Jaitley said.

Finance Minister has said that current govt will do everything to protect depositors money. But govt. can change and with this clause in the bill, the depositor’s money will be always at risk.

What is the FRDI Bill?

The Union government has brought about a proposition for a Financial Resolution and Deposit Insurance(FRDI) Bill, which is a part of a host of banking reforms and enactment of laws that aim to resolve the conditions of the failing banks. You can read about it here.

Also, read Banks Can Wipe Out Your Money

 


Contributors

Edited by : Bharat Nayak

Share your thoughts..

Related Stories

Finance Minister Rupee

Free Falling Rupee Yet The Finance Minister Says No Need To Panic

Welfare Schemes Luxury Vehicles

‘Over 64,000 People Availing State Welfare Schemes Own Luxury Vehicles’, Says Kerala Finance Minister Thomas Isaac

Government Plans To Make Two Amendments In FRDI Bill, To Be Tabled At The Parliament Soon

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

FRDI Bill

Finance Minister Says FRDI Bill Will Protect The Rights Of Depositors: But What Do The Facts Say?

Now Common Man To Get Less Interest; Centre Slashes Interest Rates On Small Savings

Latest on The Logical Indian

News

MP: To Televise PM Modi’s Live Speech, 450 Cows Forced Out Of Cowshed, 8 Starved To Death

News

HC Gives BBMP Time Till 24th September To Fill Up 2,172 Potholes In Bengaluru

News

Gujarat And Uttarakhand Are Not ODF States As Declared: CAG Report

News

“Evil Agenda Of Pakistan Stands Exposed”, India Cancels Talks With Pakistan

Sports

Kohli And Chanu To Get Khel Ratna, Bajrang Punia Misses Out Despite Maximum Points

News

Indian Govt Proposed Reliance Name For Rafale Deal, We Didn’t Have A Say In This: Ex-French President

x

Stories that deserve attention, delivered to your inbox!

Handpicked, newsworthy stories which deserve the attention of a rational generation.