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FRDI Bill Could Ruin Lives of Common People: Mamata Banerjee to Arun Jaitley

"I am simply unable to accept the argument that the ostensible purpose of the (Financial Resolution and Deposit Insurance) Bill is to protect the interest of the depositors. To the contrary, the bill is meant to do just the reverse," wrote Banerjee.

PTI

Updated:February 16, 2018, 11:24 PM IST
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FRDI Bill Could Ruin Lives of Common People: Mamata Banerjee to Arun Jaitley
A file image of West Bengal CM Mamata Banerjee. (Photo: PTI)
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Kolkata: West Bengal Chief Minister Mamata Banerjee has shot off another letter to Union Finance Minister Arun Jaitley for withdrawal of the FRDI Bill saying it could ruin the lives of "innocent and unsuspecting" people.

The letter, which was written yesterday(Thursday), is Banerjee's reply to Jaitley's acknowledgment of her first letter written in this connection in December.

"I am simply unable to accept the argument that the ostensible purpose of the (Financial Resolution and Deposit Insurance) Bill is to protect the interest of the depositors. To the contrary, the bill is meant to do just the reverse.

"The bill proposes to introduce a draconian provision of bail which has the potential of endangering the hard earned deposits of the public," Banerjee wrote, clearly stating her dissatisfaction with the reply of Minister of State for Finance Pon Radhakrishnan, written on behalf of Jaitley.

Apparently hitting out at the fraud involving Punjab National Bank by billionaire diamond merchant Nirav Modi, Banerjee wrote, "It is clear that the real intent of the bill is to bail out one section of the vested interests who have siphoned off the loans given to them by the banking institutions rather than protect the interest of the depositors".
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