Shiv Sena's Saamna attacks Modi govt over FRDI Bill

Mumbai: The Shiv Sena on Saturday attacked the Central Government over the Financial Resolution and Deposit Insurance Bill (FRDI). Shiv Sena in its editorial mouth piece accused the Centre of looting people.

"After the Central Government proposed FRDI bill, it has launched a big scare among people as it purportedly allows failing banks to use depositors money to cut losses," the editorial read.

The Shiv Sena further said, "This bill has given power to a government entity to use depositors` money to save a bank on the verge of bankruptcy. This government entity can declare the bank doesn`t owe you any money though you have deposited your hard earned money with it."

The government tabled the FRDI Bill, 2017, in August in the Lok Sabha, which was referred to a Joint Committee of Parliament. It will be discussed in the Winter Session of Parliament.