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 ?
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.
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 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.
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.
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.
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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