The National Secretariat of CPI issued the following statement on July 19, 2018 on the government’s belated move to drop the FRDI Bill:

The National Secretariat of the CPI notes with gratification the belated move of the RSS-controlled BJP government led by Narendra Modi to drop the controversial Financial Resolution and Deposit Insurance (FRDI) Bill, which will definitely serve as a breather for the hard-hit depositors. The Union Cabinet, which met on July 18, 2018 decided to drop this Bill, meaning the present system of insurance deposits will continue and customers will not have to worry about the ‘bail-in’ provision in the proposed Bill.

The CPI, other left parties and bank unions including AIBEA and AIBOA have been demanding since beginning that the Bill, which is a frontal attack on the depositors, must be dropped. The party is not certain whether the move is out of belated wisdom or another plank to pacify the voters as elections are fast approaching.

The Party urges the government to immediately drop the Bill as well as other related moves like merger of banks and service charges.

(Roykutty)

Office Secretary