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HomeIndiaModi’s belated move to drop FRDI Bill: CPI

Modi’s belated move to drop FRDI Bill: CPI

Hyderabad: The CPI notes with gratification the belated move of the RSS-controlled BJP government led by Narendra Modi to drop the controversial Financial Resolution and Deposit Insurance (FRDI) Bill.

In a statement here today, CPI General Secretary Suravaram Sudhakar Reddy said that the FRDI Bill will definitely serve as a breather for the hard-hit depositors. The Union Cabinet, which met on July 18, 2018 decided to drop this Bill, meaning the present system of insurance deposits will continue and customers will not have to worry about the ‘bail-in’ provision in the proposed Bill Reddy said.

The CPI, other left parties and bank unions, including AIBEA and AIBOA have been demanding since beginning that the Bill, which is a frontal attack on the depositors, must be dropped. The party is not certain whether the move is out of belated wisdom or another plank to pacify the voters as elections are fast approaching.

The CPI urges the government to immediately drop the Bill as well as other related moves like merger of banks and service charges. He also said that on the joyous moment of 50th anniversary of banks nationalization on Thursday, the CPI warns the Modi government of grave consequences if it continues with denationalization moves and urges it to desist from merging the banks and all such moves. (NSS)