West Bengal Congress takes out rally against FRDI Bill

Kolkata: The West Bengal Congress today took out a rally outside the RBI office here to protest against the proposed Financial Resolution and Deposit Insurance (FRDI) Bill, 2017. Led by Congress chief whip in the state assembly Manoj Chakraborty, several party MLAs and senior leaders participated in the protest rally.

“People will lose their lifelong deposits if this bill is passed. We will oppose the FRDI Bill tooth and nail. We will not stop until and unless it is withdrawn,” Chakraborty said. Hundreds of Congress workers also shouted slogans against the BJP-led government at the Centre, outside the central bank’s office in the city’s central business district.

The FRDI Bill proposes to create a framework for overseeing financial institutions such as banks, insurance companies, non-banking financial services companies and stock exchanges, in case of insolvency.

Industry body Assocham has said that experts felt the “bail-in” clause in the draft FRDI Bill, 2017 can potentially harm deposits in savings accounts. The bill, introduced in the Lok Sabha in August, is currently undergoing scrutiny by a joint parliamentary committee.

The ruling Trinamool Congress in the state had also taken out a rally against the FRDI Bill last week, demanding its withdrawal.