-The Asian Age The source further said DICGC has proposed to hike deposit insurance to Rs 3 lakh from Rs 1 lakh, depending upon the demands of circumstances. New Delhi: With several financial institutions in the country standing on the edge of distress, the Central government is likely to increase insurance cover for bank deposits. Currently, only Rs 1 lakh deposit of each customer is issured. The Finance Ministry is also mulling to...
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After public outcry, Govt drops FRDI bill
-The Hindu Business Line Controversial ‘bail-in’ clause had unnerved bank depositors New Delhi: The government has decided to drop the controversial Financial Resolution and Deposit Insurance (FRDI) Bill, thus allowing bank customers to breath easy. The Union Cabinet, which met on Wednesday, decided to drop this Bill, a senior Cabinet Minister told BusinessLine. This means the present system of insurance deposits will continue and customers will not have to worry about the ‘bail-in’...
More »FRDI bill: Centre drags its feet in responding to House panel -AM Jigeesh
-The Hindu Business Line Joint committee likely to seek term extension New Delhi: If the pace at which the Joint Committee on the FRDI bill has held proceedings is any indication, the Centre seems to have developed cold feet on getting the legislation passed. In January, the committee has had all but two sittings. The panel has a mandate till April 6, the last day of the Budget Session of Parliament, but sources...
More »Time to go to FRDI bill's roots -Rajrishi Singhal
-Livemint.com Controversy around the bail-in clause aside, FRDI bill’s clauses 58 and 62(1) regarding governance of a firm declared critical are inherently conflicting Much has been said and written about the Financial Resolution and Deposit Insurance Bill, 2017. The FRDI bill was scheduled for discussion in Parliament this winter session but will now have to yield to more immediate concerns such as the Gujarat election results and the Central Bureau of Investigation...
More »FRDI bill: Depositors' money safer than ever, says Arun Jaitley -Avishek G Dastidar
-PTI FRDI bill: Jaitley says no need to create fear psychosis, government will consider what panel recommends The Money of all depositors in public-sector banks will be protected and the level of protection will be “much higher than the level which existed till today,” Finance Minister Arun Jaitley told Lok Sabha Thursday. Talking about the Financial Resolution and Deposit Insurance (FRDI) Bill 2017 during his reply to the debate on Supplementary...
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