Bank union threatens strike if FRDI Bill not amended

New Delhi, Dec 12 (PTI) All India Bank EmployeesAssociation (AIBEA) has threatened to go on strike if FRDIBill is not amended to safeguard interest...

New Delhi, Dec 12 (PTI) All India Bank EmployeesAssociation (AIBEA) has threatened to go on strike if FRDIBill is not amended to safeguard interest of depositors evenas the government has assured that it will protect rights ofcustomers.

"Our banks deal with huge public money and total depositsin the banks today are more than Rs 106 lakh crore. Unlike theAmerican and other western banks which are run with share-holders and investors' money, banks in India are run withpeople's hard earned savings kept as deposits," AIBEA said ina statement.

Hence, safety of people's money should be the toppriority, it said.

The government which brought in the Financial Resolutionand Deposit Insurance (FRDI) Bill 2017 with 'bail-in' clauseis created panic amongst the people about safety of theirdeposits in banks, it said.

"AIBEA has already appeared before the JointParliamentary Committee and urged upon them to reject theBill. It is contemplating a strike action against thisunwarranted FRDI Bill, if the Government proceeds further(with the Bill)," it said.

Seeking to allay concerns of depositors over provisionsof a draft law, Finance Minister Arun Jaitley yesterday saidthe government will fully protect public deposits in financialinstitutions even as he hinted at openness to changes in theproposed FRDI Bill introduced in the Lok Sabha in August thisyear.

It is currently undergoing scrutiny by a joint committeeof Parliament.

The so-called "bail-in" clause in the draft legislationhas been commented upon by experts as of bringing potentialharm to deposits, in the form of savings accounts. PTI DPMKJ.

This is unedited, unformatted feed from the Press Trust of India wire.

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