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FRDI Bill: Jaitley assuages concerns, says protection of depositors intact

FRDI Bill: Jaitley assuages concerns, says protection of depositors intact

Moreover, the government expressed their views on the FRDI bill; it will protect the rights of depositors. "The objective of the government is to fully protect the interest of the financial institutions and depositors". As of now, the depositor is ensured to the extent of Rs. 1 Lakh in case of bank failure and there was a demand from stakeholders to increase this amount citing this as too low for anyone who might be depositing his entire life's hard-earned money.

"The FRDI Bill is far more depositor friendly than many other jurisdictions, which provide for statutory bail-in, where consent of creditors or depositors is not required for bail-in", it added.

The government on Thursday came out in defence of its financial resolution and deposit insurance bill, stating the provisions are depositor friendly and provide additional protection. The Indian Banks have adequate capital and supervision to ensure safety and soundness along with the systemic stability.

This Finance Ministry statement comes in the backdrop of fears that the "bail in" provisions in the FRDI Bill could get extended to bank deposits, putting the depositors interests into risk. "Government's implicit guarantee for public sector banks remains unaffected". The existing Financial Resolution and Deposit Insurance Bill ensure the integrity, security and safety of the banking system. The petition was started by a Mumbai-based individual, Shilpa Shree, with a single signature and has got over 40,000 signups within 24 hours, supporting her appeal to Finance Minister Arun Jaitley to not let this bill pass with the "bail-in' provision".

Morgan Stanley fires ex-Congressman Ford after misconduct probe
She also produced emails from Ford that ended with her asking him to stop contacting her and Ford apologizing and agreeing not to. The accuser was "not a Morgan Stanley employee but interacted with Ford in a professional capacity", according to the report.

To scan and develop a proper regulations under the bill, a committee was set up in March 2016.

The Bill also seeks to deal with insolvency of financial service providers.

If the FRDI Bill (presented in Parliament in August) becomes a law in the current shape, that will offer ammunition to the Opposition to portray it as yet another anti-people move by the Modi-government-something clearly this government can't afford after the backlash over disastrous demonetisation and poorly executed goods and services tax (GST) rollout.

The bill will also revoke the amendment of resolution-related provisions in sectoral Acts as listed in Schedules of the Bill. The corporation may also investigate their activities. The committee will submit the report in the upcoming winter session of Parliament starting on December 15.


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