{"id":34178,"date":"2017-12-15T18:01:25","date_gmt":"2017-12-15T12:31:25","guid":{"rendered":"https:\/\/apnlive.com\/?p=34178"},"modified":"2017-12-15T18:15:28","modified_gmt":"2017-12-15T12:45:28","slug":"parliament-committee-defers-controversial-frdi-bill-to-submit-its-report-in-budget-session-now","status":"publish","type":"post","link":"https:\/\/apnlive.com\/business-news\/parliament-committee-defers-controversial-frdi-bill-to-submit-its-report-in-budget-session-now\/","title":{"rendered":"Parliament committee defers controversial FRDI Bill, to submit its report in Budget session now"},"content":{"rendered":"
[vc_row][vc_column][vc_column_text]The Financial Resolution and Deposit Insurance (FRDI) <\/a>Bill, 2017, which stirred a controversy over its clause that could result in the confiscation of a depositor\u2019s money if the bank failed \u2013 called \u201cbail-in\u201d \u2013 has been deferred by the joint parliamentary committee which was supposed to submit a report on it for the Winter Session of Parliament.<\/p>\n The committee will now submit its report in the Budget session.<\/p>\n The Bill would have categorised a depositor as a creditor sans collateral, which would have meant that in the case of a collapse of the bank they would have to forgo their money. It would also have enabled the banks to re-package one\u2019s deposits (including fixed deposits and mutual fund assignments) into special bonds yielding 5 percent or so.<\/p>\n