December 12, 2017: If the country is in the path of Vikas, why there is talks on bankruptcy of PSU banks – why common people of the country are now worried about security of their bank deposit. Referring to the proposed Financial Resolution and Deposit Insurance Act (FRDI), Secretary of Tripura CPIM, Bijan Dhar today blasted at BJP and said, “The FRDI Act has stocked a deep sense of apprehension among the common people. Everyone is now discussing about fall out of the FRDI and anxious about security of their hard earned deposits in PSU Banks”.
Speaking to media today in Agartala, Dhar urged media persons to create public opinion in favour of conducting a national debate before placing the FRDI Act in the Parliament. The FDRI ‘ostensibly’ aims at protecting interests of financial institutions in case such institution become commercially nonviable. Dhar alleged, the Central Government is not taking actions against the Corporate Houses who are defaulters of loan re-payments leading exponential growth in Non Performing Assets (NPA).
Conventional media and social media, across the country, are abuzz with agonizing anxiety and user’s are fearing another financial pain, after demonetization, to be inflicted by the Modi-led Government. The root of people’s apprehension lies in Clause 52 of the FRDI Act. The clause of the draft legislation suggests that if the bank in question becomes nonviable and vulnerable and be referred to the authority named Resolution Corporation under the proposed Act, nature of deposits of the depositors can be modified into shares and there will be no other options available to depositors. The converted deposits will be used to revamp the bank in question.
CPIM leader Bijan Dhar raised the issue and urged people to discuss and debate on the issue and accordingly put pressure on the BJP-led Government for ensuring deposits.
