Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 150
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::index() - APP/Controller/ArtileDetailController.php, line 150
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Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 151
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::index() - APP/Controller/ArtileDetailController.php, line 151
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 97
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Warning (512): Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853 [CORE/src/Http/ResponseEmitter.php, line 48]
Code Context
            if (Configure::read('debug')) {

                trigger_error($message, E_USER_WARNING);

            } else {
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    <h1 class="cat-box-title">A Dangerous Bill on Banks: Where Depositors Are Made to Pay For Corporate Defaulters -Prabhat Patnaik</h1>
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		 Published on</span><span class="text-date"> Dec 19, 2017</span>
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                            <div align="justify">-TheCitizen.in<br /><br /><em>FRDI BIll will do irreparable damage to yet another institution of Indian economy<br /><br />NEW DELHI: </em>The BJP government, it appears, cannot remain content without inflicting irreparable damage on the institutions of the Indian economy. Its latest move in this direction is the Financial Resolution and Deposit Insurance (FRDI) Bill which was introduced in Parliament on the last day of the winter session and is now with a Select Committee.<br /><br />What this Bill proposes is the setting up of a Resolution Corporation, consisting largely of central government officials, which, in the case of stressed banks whose condition is considered &ldquo;critical&rdquo;, will use creditors&rsquo; money, including that of depositors, to overcome the default by borrowers.<br /><br />Until now it was the budget of the central government, the owner of the nationalized banks, which was supposed to be used for their &ldquo;bail out&rdquo;; now, however, the idea is not to have a &ldquo;bail out&rdquo; but a &ldquo;bail in&rdquo;, i.e. not to have central government help for supporting distressed financial institutions but creditors&rsquo; funds, including those of depositors.<br /><br />Currently all deposits up to Rs.1 lakh are insured by banks themselves, so that there is no risk of loss to these depositors in the event of a bank failure.<br /><br />The Deposit Insurance and Credit Guarantee Corporation, a subsidiary of the Reserve Bank of India, which covers such depositors is proposed henceforth to be wound up; and no other institution has been suggested in its place in the Bill.<br /><br />More importantly, however, it is not just the existence of this Corporation that instilled confidence among depositors about the safety of their deposits with the nationalized banks; it was the fact that the banks were government-owned, the conviction that the government would never let these banks fail.<br /><br />It is this confidence which made millions of depositors, especially pensioners and senior citizens, hold their wealth in the form of bank deposits, even though such deposits offered comparatively lower rates of return than shares, mutual funds and many other assets. This confidence will now disappear.<br /><br />In the old days people used to hold cash in boxes, since they had little confidence in the banking system which was controlled in their perception by a set of unknown private operators with no scruples.<br /><br />Bank nationalization changed all that, and an enormous amount of deposits got mobilized across the country because of the confidence it generated among people that these banks, being owned by the government, would never let depositors down, that depositors&rsquo; money was totally safe in these banks.<br /><br />While this confidence is now set to be undermined, demonetization, with Modi&rsquo;s explicit promise that the experiment will be repeated from time to time, has served ironically to undermine people&rsquo;s confidence in currency as well at the same time. (Though demonetization does not necessarily involve an actual monetary loss, it means standing in long queues and going through a lot of hassles, even if we ignore the inconvenience it causes by the temporary relinquishing of purchasing power).<br /><br />Hence money in both its forms, currency and bank deposits, is now no longer going to be considered a safe asset to hold. Since the FRDI Bill also covers State-owned insurance and other financial companies, their liabilities too, like bank deposits, would lose their attractiveness for numerous small wealth-holders.<br /><br />Please <a href="http://www.thecitizen.in/index.php/en/NewsDetail/index/4/12507/A-Dangerous-Bill-on-BanksWhere-Depositors-Are-Made-to-Pay-For-Corporate-Defaulters" title="http://www.thecitizen.in/index.php/en/NewsDetail/index/4/12507/A-Dangerous-Bill-on-BanksWhere-Depositors-Are-Made-to-Pay-For-Corporate-Defaulters">click here</a> to read more. <br /></div>                                                           
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    <br><a href="http://www.thecitizen.in/index.php/en/NewsDetail/index/4/12507/A-Dangerous-Bill-on-BanksWhere-Depositors-Are-Made-to-Pay-For-Corporate-Defaulters" class="re" target="_blank">TheCitizen.in, 14 December, 2017, http://www.thecitizen.in/index.php/en/NewsDetail/index/4/12507/A-Dangerous-Bill-on-BanksWhere-Depositors-Are-Made-to-Pay-For-Corporate-Defaulters</a><div class="clear"></div>
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    <h1 class="cat-box-title">A Dangerous Bill on Banks: Where Depositors Are Made to Pay For Corporate Defaulters -Prabhat Patnaik</h1>
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                            <div align="justify">-TheCitizen.in<br /><br /><em>FRDI BIll will do irreparable damage to yet another institution of Indian economy<br /><br />NEW DELHI: </em>The BJP government, it appears, cannot remain content without inflicting irreparable damage on the institutions of the Indian economy. Its latest move in this direction is the Financial Resolution and Deposit Insurance (FRDI) Bill which was introduced in Parliament on the last day of the winter session and is now with a Select Committee.<br /><br />What this Bill proposes is the setting up of a Resolution Corporation, consisting largely of central government officials, which, in the case of stressed banks whose condition is considered &ldquo;critical&rdquo;, will use creditors&rsquo; money, including that of depositors, to overcome the default by borrowers.<br /><br />Until now it was the budget of the central government, the owner of the nationalized banks, which was supposed to be used for their &ldquo;bail out&rdquo;; now, however, the idea is not to have a &ldquo;bail out&rdquo; but a &ldquo;bail in&rdquo;, i.e. not to have central government help for supporting distressed financial institutions but creditors&rsquo; funds, including those of depositors.<br /><br />Currently all deposits up to Rs.1 lakh are insured by banks themselves, so that there is no risk of loss to these depositors in the event of a bank failure.<br /><br />The Deposit Insurance and Credit Guarantee Corporation, a subsidiary of the Reserve Bank of India, which covers such depositors is proposed henceforth to be wound up; and no other institution has been suggested in its place in the Bill.<br /><br />More importantly, however, it is not just the existence of this Corporation that instilled confidence among depositors about the safety of their deposits with the nationalized banks; it was the fact that the banks were government-owned, the conviction that the government would never let these banks fail.<br /><br />It is this confidence which made millions of depositors, especially pensioners and senior citizens, hold their wealth in the form of bank deposits, even though such deposits offered comparatively lower rates of return than shares, mutual funds and many other assets. This confidence will now disappear.<br /><br />In the old days people used to hold cash in boxes, since they had little confidence in the banking system which was controlled in their perception by a set of unknown private operators with no scruples.<br /><br />Bank nationalization changed all that, and an enormous amount of deposits got mobilized across the country because of the confidence it generated among people that these banks, being owned by the government, would never let depositors down, that depositors&rsquo; money was totally safe in these banks.<br /><br />While this confidence is now set to be undermined, demonetization, with Modi&rsquo;s explicit promise that the experiment will be repeated from time to time, has served ironically to undermine people&rsquo;s confidence in currency as well at the same time. (Though demonetization does not necessarily involve an actual monetary loss, it means standing in long queues and going through a lot of hassles, even if we ignore the inconvenience it causes by the temporary relinquishing of purchasing power).<br /><br />Hence money in both its forms, currency and bank deposits, is now no longer going to be considered a safe asset to hold. Since the FRDI Bill also covers State-owned insurance and other financial companies, their liabilities too, like bank deposits, would lose their attractiveness for numerous small wealth-holders.<br /><br />Please <a href="http://www.thecitizen.in/index.php/en/NewsDetail/index/4/12507/A-Dangerous-Bill-on-BanksWhere-Depositors-Are-Made-to-Pay-For-Corporate-Defaulters" title="http://www.thecitizen.in/index.php/en/NewsDetail/index/4/12507/A-Dangerous-Bill-on-BanksWhere-Depositors-Are-Made-to-Pay-For-Corporate-Defaulters">click here</a> to read more. <br /></div>                                                           
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    <br><a href="http://www.thecitizen.in/index.php/en/NewsDetail/index/4/12507/A-Dangerous-Bill-on-BanksWhere-Depositors-Are-Made-to-Pay-For-Corporate-Defaulters" class="re" target="_blank">TheCitizen.in, 14 December, 2017, http://www.thecitizen.in/index.php/en/NewsDetail/index/4/12507/A-Dangerous-Bill-on-BanksWhere-Depositors-Are-Made-to-Pay-For-Corporate-Defaulters</a><div class="clear"></div>
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                            <div align="justify">-TheCitizen.in<br /><br /><em>FRDI BIll will do irreparable damage to yet another institution of Indian economy<br /><br />NEW DELHI: </em>The BJP government, it appears, cannot remain content without inflicting irreparable damage on the institutions of the Indian economy. Its latest move in this direction is the Financial Resolution and Deposit Insurance (FRDI) Bill which was introduced in Parliament on the last day of the winter session and is now with a Select Committee.<br /><br />What this Bill proposes is the setting up of a Resolution Corporation, consisting largely of central government officials, which, in the case of stressed banks whose condition is considered &ldquo;critical&rdquo;, will use creditors&rsquo; money, including that of depositors, to overcome the default by borrowers.<br /><br />Until now it was the budget of the central government, the owner of the nationalized banks, which was supposed to be used for their &ldquo;bail out&rdquo;; now, however, the idea is not to have a &ldquo;bail out&rdquo; but a &ldquo;bail in&rdquo;, i.e. not to have central government help for supporting distressed financial institutions but creditors&rsquo; funds, including those of depositors.<br /><br />Currently all deposits up to Rs.1 lakh are insured by banks themselves, so that there is no risk of loss to these depositors in the event of a bank failure.<br /><br />The Deposit Insurance and Credit Guarantee Corporation, a subsidiary of the Reserve Bank of India, which covers such depositors is proposed henceforth to be wound up; and no other institution has been suggested in its place in the Bill.<br /><br />More importantly, however, it is not just the existence of this Corporation that instilled confidence among depositors about the safety of their deposits with the nationalized banks; it was the fact that the banks were government-owned, the conviction that the government would never let these banks fail.<br /><br />It is this confidence which made millions of depositors, especially pensioners and senior citizens, hold their wealth in the form of bank deposits, even though such deposits offered comparatively lower rates of return than shares, mutual funds and many other assets. This confidence will now disappear.<br /><br />In the old days people used to hold cash in boxes, since they had little confidence in the banking system which was controlled in their perception by a set of unknown private operators with no scruples.<br /><br />Bank nationalization changed all that, and an enormous amount of deposits got mobilized across the country because of the confidence it generated among people that these banks, being owned by the government, would never let depositors down, that depositors&rsquo; money was totally safe in these banks.<br /><br />While this confidence is now set to be undermined, demonetization, with Modi&rsquo;s explicit promise that the experiment will be repeated from time to time, has served ironically to undermine people&rsquo;s confidence in currency as well at the same time. (Though demonetization does not necessarily involve an actual monetary loss, it means standing in long queues and going through a lot of hassles, even if we ignore the inconvenience it causes by the temporary relinquishing of purchasing power).<br /><br />Hence money in both its forms, currency and bank deposits, is now no longer going to be considered a safe asset to hold. Since the FRDI Bill also covers State-owned insurance and other financial companies, their liabilities too, like bank deposits, would lose their attractiveness for numerous small wealth-holders.<br /><br />Please <a href="http://www.thecitizen.in/index.php/en/NewsDetail/index/4/12507/A-Dangerous-Bill-on-BanksWhere-Depositors-Are-Made-to-Pay-For-Corporate-Defaulters" title="http://www.thecitizen.in/index.php/en/NewsDetail/index/4/12507/A-Dangerous-Bill-on-BanksWhere-Depositors-Are-Made-to-Pay-For-Corporate-Defaulters">click here</a> to read more. <br /></div>                                                           
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    <br><a href="http://www.thecitizen.in/index.php/en/NewsDetail/index/4/12507/A-Dangerous-Bill-on-BanksWhere-Depositors-Are-Made-to-Pay-For-Corporate-Defaulters" class="re" target="_blank">TheCitizen.in, 14 December, 2017, http://www.thecitizen.in/index.php/en/NewsDetail/index/4/12507/A-Dangerous-Bill-on-BanksWhere-Depositors-Are-Made-to-Pay-For-Corporate-Defaulters</a><div class="clear"></div>
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Home हिन्दी

A Dangerous Bill on Banks: Where Depositors Are Made to Pay For Corporate Defaulters -Prabhat Patnaik

Published on Dec 19, 2017   Modified on Dec 19, 2017

-TheCitizen.in FRDI BIll will do irreparable damage to yet another institution of Indian economy NEW DELHI: The BJP government, it appears, cannot remain content without inflicting irreparable damage on the institutions of the Indian economy. Its latest move in this direction is the Financial Resolution and Deposit Insurance (FRDI) Bill which was introduced in Parliament on the last day of the winter session and is now with a Select Committee. What this Bill proposes is the setting up of a Resolution Corporation, consisting largely of central government officials, which, in the case of stressed banks whose condition is considered “critical”, will use creditors’ money, including that of depositors, to overcome the default by borrowers. Until now it was the budget of the central government, the owner of the nationalized banks, which was supposed to be used for their “bail out”; now, however, the idea is not to have a “bail out” but a “bail in”, i.e. not to have central government help for supporting distressed financial institutions but creditors’ funds, including those of depositors. Currently all deposits up to Rs.1 lakh are insured by banks themselves, so that there is no risk of loss to these depositors in the event of a bank failure. The Deposit Insurance and Credit Guarantee Corporation, a subsidiary of the Reserve Bank of India, which covers such depositors is proposed henceforth to be wound up; and no other institution has been suggested in its place in the Bill. More importantly, however, it is not just the existence of this Corporation that instilled confidence among depositors about the safety of their deposits with the nationalized banks; it was the fact that the banks were government-owned, the conviction that the government would never let these banks fail. It is this confidence which made millions of depositors, especially pensioners and senior citizens, hold their wealth in the form of bank deposits, even though such deposits offered comparatively lower rates of return than shares, mutual funds and many other assets. This confidence will now disappear. In the old days people used to hold cash in boxes, since they had little confidence in the banking system which was controlled in their perception by a set of unknown private operators with no scruples. Bank nationalization changed all that, and an enormous amount of deposits got mobilized across the country because of the confidence it generated among people that these banks, being owned by the government, would never let depositors down, that depositors’ money was totally safe in these banks. While this confidence is now set to be undermined, demonetization, with Modi’s explicit promise that the experiment will be repeated from time to time, has served ironically to undermine people’s confidence in currency as well at the same time. (Though demonetization does not necessarily involve an actual monetary loss, it means standing in long queues and going through a lot of hassles, even if we ignore the inconvenience it causes by the temporary relinquishing of purchasing power). Hence money in both its forms, currency and bank deposits, is now no longer going to be considered a safe asset to hold. Since the FRDI Bill also covers State-owned insurance and other financial companies, their liabilities too, like bank deposits, would lose their attractiveness for numerous small wealth-holders. Please click here to read more.

TheCitizen.in, 14 December, 2017, http://www.thecitizen.in/index.php/en/NewsDetail/index/4/12507/A-Dangerous-Bill-on-BanksWhere-Depositors-Are-Made-to-Pay-For-Corporate-Defaulters

Tagged with: Banking Reforms Bail-in Financial Resolution and Deposit Insurance (FRDI) Bill FRDI bill

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