No, the central government is not reintroducing the FRDI Bill 2017 in Parliament

Posted on 2019-10-04 18:39:44 by Himani Joshi

Summary

The claim is false that the Financial Resolution and Deposit Insurance (FRID) Bill 2017 is being reintroduced in Parliament. The Bill was introduced in Parliament in 2017 and withdrawn in 2018.

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A video is getting viral on social media with a claim that the Modi government is reintroducing the Financial Resolution and Deposit Insurance (FRDI) Bill 2017 in Parliament. A Facebook user name Zakir Abbasi post a video on September 29 with a caption that "Careful, you keep arguing over Hindus and Muslims; the bank will seize all the money in your accounts"

In the video accompanying the post, it is being claimed that Prime Minister Narendra Modi will be "ruffled" with all the account holders' money. If big industrialists who are friends of Modi will not repay their loan then they will use bank account holders money to compensate for their losses.

You can watch the video here:

The FRDI Bill was introduced in Parliament in 2017

In the investigation, it was found that the FRID bill was brought in the Lok Sabha on 10 August 2017. According to the Press Information Bureau, under this bill, the government made provision that financial institutions such as banks can be saved from bankruptcy. The bill was placed before the Joint Committee of Parliament in 2017. The FRDI Bill had proposed a law to establish a Resolution Corporation to monitor and regulate banks and other non-banking financial firms. The regulator will also evaluate these financial institutions according to their risk of failure.

However, there was strong opposition to this bill. There was also a provision under this bill that if banks reach the state of bankruptcy due to bad loans, then the money of the account holders can also be used to protect them. But due to heavy opposition, the government had to withdraw this bill. There is a reference to the withdrawal of this bill on the Lok Sabha website. However, there is no mention of this bill being brought back on the Lok Sabha website after 2018.

In conclusion, the claim is false that the Financial Resolution and Deposit Insurance (FRID) Bill 2017 is being reintroduced in Parliament. The Bill was introduced in Parliament in 2017 and withdrawn in 2018.



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