Withdraw FRDI or face nationwide stir: TMC to Centre

Trinamool Congress would launch a nationwide protest unless the Union government withdraws the proposed Financial Resolution and Deposit Insurance (FRDI) Bill, West Bengal chief minister Mamata Banerjee said on Tuesday.

The FRDI Bill that was tabled in the Parliament in August triggered intense controversy, most of it due to a “bail-in” clause, that would shift the burden of probable bankruptcy on depositors.

“Common people deposit their hard earned money in banks. Now if this bill is passed there will be no guarantee on the security of their money. I want to caution the Centre, either withdraw the bill or be ready to face nationwide protest,” she said while addressing a public meeting in Nadia .

After the demonetisation announcement in November 2016, Mamata Banerjee attended protest rallies in Bihar and Uttar Pradesh with Lalu Prasad and Akhilesh Yadav.

According to the TMC chief, FRDI is another way to jeopardise the interest of the common people after demonetisation and hurried implementation of GST.

“Demonetisation led to decline in the economic growth. Small traders and businessmen are suffering due to unplanned GST. Now, the Centre is after the common people’s money,” she said.

SUMANTA RAY CHAUDHURI

KOLKATA: