Government expected to withdraw controversial FRDI Bill.
New Delhi: The government is expected to withdraw the controversial FRDI Bill in the ongoing session of Parliament in view of concerns over the 'bail-in' clause.
It is feared to harm the interest of depositors, sources said. The Union Cabinet, chaired by Prime Minister Narendra Modi, has given its nod for withdrawal of the Financial Resolution and Deposit Insurance (FRDI) Bill, 2017, they added.
The government is likely to withdraw the bill from the Lok Sabha in the current session of Parliament, which ends on August 10. The bill, introduced in the the lower house on August 11, 2017, has a 'bail-in' clause, which some experts say has the potential to harm deposits in savings bank accounts. With concerns expressed by both politicians as well as stakeholders, the government had then referred the bill to a Joint Parliamentary Committee. The panel was slated to submit its report by the last day of the ongoing Monsoon session.