Government says new FRDI Bill won't take away your money in the bank, but protect it better - News Summed Up

Government says new FRDI Bill won't take away your money in the bank, but protect it better


The Ministry of Finance has said that the provisions of the Financial Resolution and Deposit Insurance Bill, 2017, were meant to protect interests of depositors. Allaying fears about the bail-in provisions that are being seen as making your bank deposits unsafe, the ministry said the bill does not change the present protections to the depositors. "Certain misgivings have been expressed in the media regarding "bail-in" provisions of the FRDI Bill," one of the tweets from the Ministry of Finance said. The provisions contained in the FRDI Bill, as introduced in the Parliament, do not modify present protections to the depositors adversely at all, the central government said. 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, according to the finance ministry.


Source: India Today December 07, 2017 08:48 UTC


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