Timely withdrawal

Public objections led poll-bound govt to rethink FRDI Bill

The government on Wednesday decided to withdraw the Financial Resolution and Deposit Insurance (FRDI) Bill from consideration by Parliament, where it has been referred to a Joint Parliamentary Committee for study. The Union cabinet decision follows strong objections from several quarters about quite a few provisions of the Bill. Unions of workers in nationalised banks and in state-run insurance companies were particularly vociferous in their objections. While it is always unfortunate when important measures are rolled back, on this occasion the government should be commended for listening to the voices of dissenters. Concerns about the "bail-in" provision of the FRDI