(FE)
Finance Minister Arun Jaitley has once again spoken in favour of the proposed FRDI Bill for protecting the rights of depositors. Touted as the bill to protect the existing interest of institutions and depositors, Finance Minister Arun Jaitley said that if this law is not passed, then the present system, where there is inadequate protection for depositors will continue. The Financial Resolution and Deposit Insurance Bill, 2017 is pending before the Standing Committee. Jaitley said that he is sure about the advantage of the proposed bill. “Adequate protection is needed for depositors. Now, what should be that larger protection? I am sure the parliament standing committee will consider this and give suggestions”, said FM Jaitley.
“There is talk on social media with regard to legislation being considered by Parliament standing committee. It’s a law which deals with financial stress in case any institution feel stress. This was one area where there was no law. So obviously this gap had to be filled up”, Jaitley added. On Wednesday, Arun Jaitley said that the proposed FRDI Bill will protect the depositors’ rights, denying reports to the contrary. “The objective of the government is to fully protect the interest of the financial institutions and depositors,” added Jaitley.
