-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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In last 10 years, Parliament passed 47% bills without debate -Mohua Chatterjee
-The Times of India NEW DELHI: At a time when a delayed schedule for this year's winter session of Parliament is a matter of discussion in political circles, an examination of records shows that 47% of bills in the last 10 years were passed without any debate. There has also been a steady reduction in parliamentary hours, a comparison with records of the first 20 years since 1952 show. Between 1952 and...
More »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 »Preparing For Cyprus Moment: Centre May Allow Banks To Use Your Hard-Earned Deposits In Case It Collapses -Kumar Shankar Roy
-Outlook Scary Bail-in clause in FRDI Bill cleared by the Union Cabinet in June 2017 allows banks to finance themselves using depositors money. Priding themselves for being 'cash-less' post demonetization last year, some Indians may come face to face with a horrific post-apocalyptic future where they could be deposit-less too. Yes, this could be a reality unless the government of the day removes the unholy 'bail-in' clause that theoretically allows beleaguered banks...
More »Banks can wipe out your money -BR Muralidharan
-Deccan Chronicle Bail-in clause in the proposed law can make you lose your rights on your bank deposits. As part of a host of banking reforms, the Central government has approved a bill in June 2017 to enact a new law framing rules for the resolution of failing banks, whose details that surfaced on social media made all bank depositors a worried lot. If the government goes ahead with this move, it...
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