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.
- 10 more held for vandalising car last week 15 Aug 2018 | Staff Reporter
- Delhi Police Special Cell to probe attack on JNU ex-student Umar Khalid 15 Aug 2018 | Staff Reporter
- Welfare Minister inspects security for women in shelter homes 15 Aug 2018 | Staff Reporter
- 600 CISF jawans to frisk metro commuters 15 Aug 2018 | Staff Reporter
- I-Day: 10k cops, SWAT to guard Red Fort 15 Aug 2018 | Staff Reporter
- L-G greets nation on I-Day eve, says treat all with respect, dignity 15 Aug 2018 | Staff Reporter
- SDMC to provide temporary land to artisans for making Ravana effigies 15 Aug 2018 | Staff Reporter
- Govt to hire 7k graduates with smartphone skills 15 Aug 2018 | Staff Reporter
- 37 fresh cases of malaria reported last week 14 Aug 2018 | SUGANDHA
- Discourage students from flying kites: Govt directs schools 14 Aug 2018 | Staff Reporter
Sunday EditionView All
12 Aug 2018 | Kestur Vasuki | Bengaluru
Karnataka Chief Minister HD Kumaraswamy who is facing wrath from the farmers in the State, in an appealing gesture planted paddy saplings in solidarity on Saturday. He chose Aralukuppe village in Mandya district the heart land of vokkaliga politics sowed paddy saplings in a muddied agriculture field amidst a large gathering...
STATE EDITIONSView All
15 Aug 2018 | Staff Reporter | Raipur
State of Chhattisgarh is moving faster from malnutrition to normal. But on the path, to achieve the target cooperation of all is required, said women and child development minister Ramsheela Sahu...