A joint parliamentary committee will submit its report on the Financial Resolution and Deposit Insurance Bill, 2017 (FRDI Bill) in the upcoming winter session of Parliament beginning 15 December. Photo: PTINew Delhi: Defending the provisions of the Financial Resolution and Deposit Insurance Bill 2017, or FRDI Bill, the government on Thursday said the clauses in the legislation are aimed at protecting the interests of depositors. “The provisions contained in the FRDI Bill, as introduced in the Parliament, do not modify present protections to the depositors adversely at all. “The FRDI Bill is far more depositor-friendly than many other jurisdictions, which provide for statutory bail-in, where consent of creditors/depositors is not required for bail-in,” the government said. The FRDI Bill 2017 was tabled in the Lok Sabha in August, following which it was referred to the joint parliamentary committee.

Source:   Mint
December 07, 2017 10:41 UTC