Centre trying to bail out wilful defaulters via FRDI Bill: AAP
Aam Aadmi Partry (AAP) has alleged that the Central Government would soon bring in such a law by which banks will get the power to confiscate one's money deposited with it in order to compensate the loss incurred due to wilful default by big customers that includes industrialist and corporate houses. AAP which always unequivocally targets Modi Government for its policies has spurt a fresh allegation that if Financial Resolution and Deposit Insurance Bill 2017 (FRDI Bill) becomes a law millions of Indians would be allegedly 'duped' of their hard earned money deposited in their bank accounts.
“It is like a nuclear bomb that the Modi Government is planning to drop on the people. The industrialist takes huge loans from the banks and don't repay it. Now banks will compensate for its losses by seizing your money and you cannot even approach court,” said Raghav Chadha, national spokesperson of AAP.
The FRDI Bill, introduced in the Lok Sabha on August 10 is presently under the consideration of the Joint Committee of the Parliament. The Joint Committee is consulting all the stakeholders on the provisions of the FRDI Bill. Certain misgivings have been expressed in the media regarding ‘bail-in’ provisions of the FRDI Bill.
However, the Union Government informed that provisions contained in the FRDI Bill, as introduced in the Parliament, do not modify present protections to the depositors adversely at all. Rather they provide rather additional protections to the depositors in a more transparent manner.
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