FRDI Bill – Can Bank seize your deposited money ?

FRDI Bill – Can Bank seize your deposited money ?

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According to a survey, 95% indian population prefer to park their money in bank deposits. And we believe that our deposited money is fully safe and secure, whenever we will require then we can withdraw our deposited amount from the bank. What if we say that after passing the FRDI bill bank can seize your deposited money, then ?

Rumor about FRDI bill being circulated on Social Media:

Now a days there is a rumor being circulated on social media about Financial Resolution and Deposit Insurance (FRDI) Bill 2017. As per the rumor our deposited money will not be safe and secure in future. In rumor people claiming that as per FRDI bill bank can seize our amount or can decide that how much they are supposed to return us in case bank goes bust. These rumor are not only on social media rather its posted on so many websites.

यदि आप हमारे लेख पसंद करते हैं, तो फेसबुक पर verifykhabar को लाइक करें।

 

FRDI bank

As per the rumor if you had deposited 10 lakh into your bank account and bank goes bust, in that case you will get return 1 lakh only, rest of amounts will be lapsed. People are sharing this rumor about FRDI on social media also.

 

FRDI bill

 

Read also: Mainstream media reported SriNagar to Leh in 15 Minutes:

What is FRDI:

FRDI Bill proposes to establish a ‘Resolution Corporation’ to monitor financial firms like banks, to take corrective actions in case of a failure. This Corporation will classify financial firms based on the risk factors. In case of critical firms, the corporation will be empowered to take over and resolve issues within a year.The Bill empowers the corporation to take corrective actions such as merger or acquisition, transferring the assets, liabilities to another firm, or liquidation.

Reality about the rumor of FRDI bill:

In reality there is not any modification into present protections to the depositors. The FRDI Bill provides only additional protections to the depositors in a more transparent in below mentioned manner.

  1. Even as per present rule deposits with banks are insured upto Rs. 1 Lakh. Same protection will be continue under the FRDI bill.
  2. The uninsured depositors, that is, beyond Rs. 1 lakh, of a banking company are treated on par with unsecured creditors under the present law and paid after preferential dues, including government dues, in the event of its liquidation. As per the provisions of the FRDI Bill, the claims of uninsured depositors in the case of liquidation of a bank will be higher than those of the unsecured creditors and Government dues. Therefore, the rights of uninsured depositors will be better protected and such depositors will have an elevated status in the FRDI Bill compared to the existing legal arrangements.
  3. Thus, the interests of depositors (both insured and uninsured) would be better protected under the FRDI Bill.

So now, depositors would be more secure according to above official press release and to be more aware about the FRDI bill, you may go to below mentioned official site of Indian government.

URL: http://dea.gov.in/sites/default/files/PressRelease02012018.pdf

 

Government Statement about the rumor of FRDI:

Regarding the FRDI bill, Finance minister “Arun Jaitley” announced that the government will protect the deposits made by customers. According to Mr Jaitley, rumors are being spread about the provisions of the bill but the “government has already clarified and said it is committed to strengthen PSU banks and financial institutions. Due to all this rumor on social media and media, Finance Minister Arun Jaitley has come to in front to give more clarity about FRDI bill

 

 

Happy and Safe Banking 😛

 

 

 


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