Amid concerns over the safety of deposits in banks due to provisions in the Financial Resolution and Deposit Insurance (FRDI) Bill, the finance ministry on Thursday said the Bill was more depositor-friendly than the current mechanism.
The crux of the issue is the bail-in provision, which seeks to “allow a government entity to use depositors' money to save a bank on the verge of bankruptcy”.
An online petition against the Bill has got thousands of signatures within 24 hours. A Mumbai-based individual, Shilpa Shree, started the petition, which has got over 40,000 sign-ups within 24 hours, supporting her
The crux of the issue is the bail-in provision, which seeks to “allow a government entity to use depositors' money to save a bank on the verge of bankruptcy”.
An online petition against the Bill has got thousands of signatures within 24 hours. A Mumbai-based individual, Shilpa Shree, started the petition, which has got over 40,000 sign-ups within 24 hours, supporting her
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