-The Indian Express As the government tries to allay swirling apprehensions, The Indian Express explains the background, aims and rationale of the proposed new FRDI law. Some provisions of The Financial Resolution and Deposit Insurance Bill, 2017, popularly referred to as the FRDI Bill, which was tabled in Parliament this August, have given rise to concerns over protection for bank deposits in the proposed law. An online petition against the Bill — “Do not...
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Needs a rethink
-The Hindu Business Line The Centre and the JPC must allay depositor concerns on bail-in, in the FRDI Bill There is furious public debate around the Financial Resolution and Deposit Insurance (FRDI) Bill tabled in August and now under the scrutiny of a Joint Parliamentary Committee. The Bill seeks to lay down a clear resolution mechanism for banks and financial firms in the case of default and this is welcome. But there’s...
More »Concern over bail-in -Jayanta Roy Chowdhury
-The Telegraph New Delhi: Politicians of various stripes have started to raise red flags about a provision in a bill that the Narendra Modi government intends to move in the Lok Sabha in the upcoming winter session, which could theoretically allow beleaguered banks and financial institutions to scoop up depositors' money to stop them from going bust. It is called a "bail-in" - a concept coined during the European banking crisis of...
More »Denial of MGNREGA entitlements continues in blatant violation of Supreme Court orders
-Press release from NREGA Sangharsh Morcha The Public Interest Litigation (PIL) filed by Swaraj Abhiyan in the Supreme Court on the severe drought conditions in the country had drawn the attention of the Court to the inadequate effort of the Central and state governments in implementing the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA), amongst other welfare programmes. In its last judgment on issues of MGNREGA workers on 13 May...
More »85% MNREGS wages paid in time this fiscal: Ministry
-PTI According to rural development ministry, there are no preconditions for getting employment under the scheme. New Delhi: The Centre is taking steps to ensure timely payment of wages under the Mahatma Gandhi National Rural Employment Guarantee Scheme (MNREGS), out of which 85 per cent of wages have already been paid this fiscal, an official statement said. According to the statement released by the rural development ministry yesterday, there are no preconditions, including...
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