Comfort for depositors

The FRDI Bill must specify the amount guaranteed

Finance Minister Arun Jaitley has sought to allay concerns of bank depositors about the safety of their savings by stating that the Financial Resolution and Deposit Insurance (FRDI) Bill, 2017, is still in the “drafting stage” and the government will ensure that the rights of depositors are protected. The Bill, which was introduced in the Lok Sabha in August this year and is before a parliamentary standing committee, was earlier expected to be tabled in the winter session of Parliament. It seeks to create a new framework for resolving bankruptcy in banks, insurance companies and other financial establishments by setting