Saturday, Apr 27 2024 | Time 09:10 Hrs(IST)
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StatesPosted at: Jan 23 2018 6:08PM


"The most alarming for the interest of depositors is that FRDI Bill proposes to empower the Resolution Corporation to use peopl's saving that are lying with the custody of banks, which is at present more than Rs 100 lakh crore, to use the same as 'Bail-in' package to 'Bail-out' the corporate dafaulters who have swindled more than Rs 11 lakh crore from public sector banks alone", Mr Dixit said.
"The Bail in clause empowers the Resolution Corporation to convert Deposit into Equity- forcibly pushing general public to share market. Once the financial condition of any bank is in danger, the price of equity is bound to fall and people would have no alternative than to sell such equity to greedy Corporates who have already looted the banks via NPA", he added.
"FRDI envisage forthwith closure of the 'Deposit Insurance and Credit Guarante Corporation' (DICGC) established in 1961, which has so far been an insurance cover for the savings of the depositors under FRDI, deposits up to a maximum of Rupees One Lakh only will be returned to each depositor and that
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