Mamata demands withdrawal of FRDI Bill

Mamata demands withdrawal of FRDI Bill

West Bengal Chief Minister Mamata Banerjee has written a letter to Union Finance Minister Arun Jaitley urging the Centre to withdraw the Financial Resolution and Deposit Insurance (FRDI) Bill.

"The Trinamool Congress (TMC) has already made its stand clear on the FRDI Bill. We will oppose it tooth and nail, both inside Parliament and outside. Mamata Banerjee has written a letter to the Union Finance Minister to reconsider the introduction of this Bill in the Winter Session of the Parliament and has also demanded that the Bill be withdrawn,"  TMC secretary general Partha Chatterjee told DH.

The Left Front and the Left-dominated bank unions and organisations have already started campaigning hard against the FRDI Bill, which proposes to create a framework for overseeing financial institutions such as banks, insurance companies, non-banking financial services companies and stock exchanges in case of insolvency.

The bone of contention lies in the empowerment of the resolution corporation, as proposed in the bill, to cancel the liability of a falling bank or convert the nature of the liability by writing it down, which many have interpreted as a bail-in clause.

"We will hit the streets against the bill. It only fuels rising public insecurity across the country on banking and other financial institutions. We will go to the blocks and panchayats, and after explaining the nuances and pitfalls of the bill, we will build a public consensus against the FRDI Bill," Chatterjee said.

He added that party MPs will raise the issue during the Winter Session and vehemently oppose it.

The party has also constituted a core committee of MPs with TMC Lok Sabha MPs Sudip Bandopadhyay, Dinesh Trivedi, Saugata Roy and Rajya Sabha MP Derek O'Brien as members to decide on the TMC's tactical line in Parliament with consultation with party chairperson Mamata Banerjee.

 

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