Will your money sink in the bank? Government clarifies, do know

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Will your money sink in the bank? Government clarifies, do know
ABP Asmita December 8th. 2017 08:07

NEW DELHI: The government has taken a tough stand to eliminate the concerns raised by people in the minds of the Financial Resolutions and Deposit (FRDI) Bill. Finance Minister Arun Jaitley tweeted that the government is fully committed to safeguarding the interests of financial institutions and depositors of banks. The government is functioning on this issue. He said that this bill is currently under consideration with the Standing Committee.

It is worth mentioning that against the bill, Shilpashri of Mumbai has started an online campaign with its signature. The application made by him in the name of Finance Minister Arun Jaitley has been signed by more than 40 thousand in 24 hours. They demand that there should be no provision of securities in this bill. He is suspecting that bailout in banks will be put in the internal resort to save his earnings in times of crisis.

It is said in the petition that in order to save a bank in such a situation, the government will have the right to insure the depositors and it can also say that there will be no debt of your bank.

In this bill, some doubts about the provision of internal equipment to bring bail-out, i.e. financial institutions, were expressed in the media. After this the ministry has released this statement. The ministry has said that there will be no change in the current action to protect the interest of depositors from this bill, but some extra provisions of protection for their interests have been made transparent in this bill.

It has been said in the statement that the FRDI bill will be more favorable to investors than other laws. There is provision of ball-in-statutory system in it. Due to this, there is no need for lenders or depositors' approval. This provision was introduced in the Lok Sabha on 10 August 2017. The joint committee is thinking about it.
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