It’s official! Govt withdraws controversial FRDI bill

NEW DELHI: It’s official! Union Finance minister Piyush Goel has written to the joint select committee of Parliament to withdraw the Financial Resolution and Deposit Insurance (FRDI) Bill, 2017 from Rajya Sabha, citing widespread confusion.

Chairman of the select committee BJP MP Bhupendra Yadav informed members of the committee about government’s decision. After that, the select committee unanimously passed a resolution accepting the Governments decision and finalised the report to be presented to the House. A mem- ber of the select committee from TMC, Sukhendu Sekhar Roy told Millennium Post that Bengal Chief minister Mamata Banerjee was the first to object to this bill and this was a victory of the people of India.

Former Finance minister Arun Jaitley placed the FRDI bill in Parliament.

The government then decided to withdraw the controversial FRDI Bill in the ongoing session of Parliament given concerns over the ‘bailin’ clause, which is feared to harm the interest of depositors, sources said.

The Union Cabinet, chaired by Prime Minister Narendra Modi, recently gave its nod for withdrawal of the FRDI Bill.

Last year West Bengal chief minister Mamata Banerjee had written to Union Finance minister Arun Jaitley raising objections on the provision of the proposed Financial Resolution and Deposit Insurance (FRDI) bill.