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Business EconomyPosted at: Jul 20 2018 2:22PM


Mr Venkatachalam said AIBEA had also explained how this important change in the Act was brought, when Com Prabhat Kar was a Member of Parliament in 1962, representing the Communist Party of India (CPI).
In September, 2017, AIBEA appeared before the Joint Parliament Committee (JPC) and made its detailed submissions and presentation, he pointed out.
''We organised a country-wide campaign during the entire 2017 and in all the meetings, this issue was highlighted. We approached various political parties and urged upon them to take up the issue politically and also in Parliament. Many political parties like the Congress, CPI, CPM, TMC, DMK and many others – opposed the Bill.
''Since FRDI Bill deals with both banking and insurance sector, the issue was taken up by the Co-ordination Committee of Bank, Insurance and Finance Sector Unions (CCBIFU), which is formed recently, and this was very much highlighted in our nation-wide Dharna programme on July 14, 2018.
''We also highlighted our viewpoints through social media and could get wide support for the same. The print and electronic media also covered the issue, apart from our viewpoints and reason for our opposition to the Bill in a big way.''
In view of this, Mr Venkatachalam said, the government was deferring the Bill from one Parliament session to another. But looking to the overall protest from all quarters and also looking to the Lok Sabha election next year, the NDA government has decided not to go ahead with the FRDI Bill.
He said in the days to come, ''we can expect more and more onslaughts on the banking sector and attacks on people's interest''.
''While the AIBEA congratulates all our units and members for being in the forefront of this movement in pushing back this ''anti-people'' FRDI Bill, we exhort all of you to remain vigilant against emerging challenges and be prepared for further struggles.
''Our Slogan is People's Money for People's Welfare – Not for Private Corporate Loot,'' Mr Venkatachalam added.
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