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Parliamentary Panel to Revisit FRDI’s “bail-in” Clause Today
May 23, 2018
The controversial “bail-in” clause of the Financial Resolution and Deposit Insurance (FRDI) that was introduced recently will be re-examined by the Parliamentary Joint Committee today.
Sources said that even though the center has issued a firm clarification on the issue, the committee will examine the same at its tenth meeting today nonetheless.
The FRDI Bill was rolled out in the Lok Sabha in August 2017 as a comprehensive measure for protecting the banks and the depositors. However, its Clause no. 52 aka “bail-in” clause was met with huge controversy as the depositors feared that the banks can exercise the same to withdraw funds from their accounts to “bail-in” i.e. protect themselves from bankruptcy.
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