Have you ever thought, that your hard earned money might not return from your bank account? if passed by the Parliament, FRDI Bill has the potential to harm your savings for life.
In case, a bank is about to fail due to bad loans, the bail-in provision will turn your deposit into equity and you can be made shareholders with/ without your consent.
The current one lakh will be nullified by the passing of this Bill. Moreover, the insured amount is not defined in the Bill.
If a bank is small and has more non-performing assets (NPA), the Bill will have a right to sell them, handing it over to a temporary institution for one year, merging it with another bank or by liquidating it.
In the name of protecting the tax payer’s money, the government is asking them to pay for the failure of big corporate companies not able to pay their loans.
After a blow to the common man by demonetization, GST, unemployment, the rich and powerful got tax-cuts and write-offs of their loans. Whereas, the farmers kept marching on the streets of New Delhi, for getting small loan waivers.
This Bill blatantly asks poor of this country to pay for mistakes of the rich.
Ask your MPs to Repeal FRDI Bill Here.