"The BJP government is going to commit a virtual dacoity on the bank accounts of common people through a legislation called Financial Resolution and Deposit Insurance Bill (FRDI) Bill 2017," Naik alleged.
He was speaking to reporters here to register his protest against the bill.
"If the bill becomes a law, the government can take a standdishonouring your cheques even if you have fundsin your account and deny you your right to withdraw money from your hard-earned savings," Naik claimed.
He alleged that through this legislation, the BJP government seeks to financially help those banks and industrialists, who are under heavy debts.
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"The government wants to rescue the financial institutions, banks and other such bodies andfraudulently transfer the hard-earned money of farmers, labourers, small traders and salaried class to salvage these financial institutions," he alleged.
The FRDI Bill proposes to create a framework for overseeing financial institutions such as banks, insurance companies, non-banking financial services companies and stock exchanges in case of insolvency.
The draft bill empowers Resolution Corporation to cancel the liability of a failing bank or convert the nature of the liability.
The so-called "bail-in" clause in the draft legislation has been commented upon by experts as of bringing potential harm to deposits, in the form of savings accounts.
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