Hyderabad, July 20 (UNI) The All India Bank Employees' Association (AIBEA) on Friday said the Union Cabinet has taken a formal decision to withdraw the Financial Resolution and Deposit Insurance (FRDI) Bill.

In a circular to all its units and members, AIBEA General Secretary Ch Venkatachalam said, 'Ever since the Union Government introduced the FRDI Bill in the Winter session of Parliament in 2016, we have been pointing out that this Bill is an 'anti-people' measure and another method to bail out the corporate defaulters at the cost of the common depositors.

'This danger was sought to be perpetrated by adding the 'Bail In' clause in the Bill,' he added.

Mr Venkatachalam said this created so much of anxiety and fear in the mind of the common public that their money in the Banks is not that safe and the BJP-led NDA government may do anything to endanger their savings.

In fact, there were huge panic withdrawals and closure of deposits in many branches of various Banks, in the wake of the Bill being introduced, he claimed.

'During the All India Strike on February 28, 2017, we highlighted this issue and made people aware of the negative aspects of the Bill. Again, in the All India bank strike on August 22, 2017, withdrawal of FRDI Bill was one of the prominent demands.

'Further, in the massive Morcha to Parliament programme on September 15, 2017, we focused on this issue prominently and this was one of our important demands, when UFBU delegation met the Finance Minister.

'We have been highlighting that this FRDI Bill is unwarranted since Clause 45 of the Banking Regulations Act provides merger of an ailing Bank with another Bank and there is no question of liquidating any Bank,' the AIBEA General Secretary added.

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