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

What Is FRDI Bill? Lowdown On The Deposit Insurance Legislation

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". He assured that contrary to claims by Opposition parties, the government was committed to protect the rights 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".

Key Highlight of the Financial Resolution and Deposit Insurance Bill, 2017.

Critics say the bill is anti-poor and aimed at minimising the losses of failing financial institutions. This has raised concerns that common people may have to bail out banks with their hard-earned money if a bank goes under.

The bill, which is with a parliamentary committee since August this year, has brought in a concept coined by the European banking crisis of 2008-09, called "bail-in" where a bank's depositors are forced to bear some of the burden of recapitalising the lender by having a portion of their deposits written off.

Pfizer Inc. (PFE) — Recommendation Trends Analysis
It worsened, as 43 investors sold BBY shares while 213 reduced holdings. 24 funds opened positions while 59 raised stakes. Market capitalization is the total market value of all of a company's outstanding shares. (NYSE:BBY) for 607 shares.

The bill has been criticized for some of its controversial provisions, including a "bail-in" clause which suggests that depositor money could be used by failing financial institutions to stay afloat. "Ultimately, bank deposits are considered the safest investment option by any investor". It seeks to create a new framework for resolving bankruptcy in banks, insurance companies.

The finance ministry has rejected reports that the Financial Resolution and Deposit Insurance Bill, 2017, which is now under the consideration of a joint parliamentary committee, will in any way adversely affect the interests of bank depositors.

In a statement today, Ministry of Finance said, the Bill does not propose in any way to limit the scope of powers for the Government to extend financing and resolution support to banks, including Public Sector Banks.

The government further said Indian banks have adequate capital and are also under prudent regulation and supervision to ensure safety and soundness as well as systemic stability. At present, all possible actions have been taken to prevent he failure of banks and protection of interests of depositors.

The statement comes in the wake of certain misgivings doing the rounds about the "bail-in" provision in the Financial Resolution and Deposit Insurance Bill, 2017 (FRDI Bill).

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