The government may drop the Financial Resolution and Deposit Insurance (FRDI) Bill after concerns were raised over the security of bank deposits, reported The Indian Express.
The decision to implement FRDI Bill of 2017 was rattled by widespread criticism and public anxiety despite the government assurances, the report said.
The decision to drop the bill was taken a day ahead of ahead of the protests by employee unions of banks and state-run insurance companies on July 14, the daily said quoting people familiar with the development.
The department of economic affairs was instructed to prepare the Bill withdrawal proposal for the cabinet’s approval, the report said adding that one of the reasons cited for its withdrawal is that the misconception led to the panic in the withdrawal of cash by depositors and eroded public trust.
First Published: Jul 18, 2018 9:34 AM IST
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