"The provisions contained in the FRDI Bill, as introduced in the Parliament, do not modify present protections to the depositors adversely at all". Section 52 of the Bill lays down certain provisions, which if enacted, could land the depositors' money at risk if a financial institution goes broke. The bank unions were opposing the Bill for this proposal and had said the objective is to heavily empower the new authority with sweeping powers to dismantle and erase public sector financial institutions. "They provide additional protections to the depositors in a more transparent manner", the ministry said in a statement.
A proposed law which the government claims will help contain the impact of a failing bank is also created to protect the rights of depositors, Finance Minister Arun Jaitley has said to allay worries that a "bail-in" provision allows depositors' money to be used by weak institutions to pay out of a total collapse.
Finance Minister Arun Jaitley has sought to allay concerns of bank depositors about the safety of their savings by stating that the Financial Resolution and Deposit Insurance (FRDI) Bill, 2017, is still in the "drafting stage" and the government will ensure that the rights of depositors are protected.
The petition was started by a Mumbai-based individual, Shilpa Shree, with a single signature and has got over 40,000 signups within 24 hours, supporting her appeal to finance minister to not let this bill pass with the bail-in provision. The Bill introduced in the Lok Sabha in August 2017, is presently under the consideration of the Joint Committee of Parliament.
Ahead of Government's recapitalisation plan which will boost the banking system, it further said Indian banks with adequate capital are also under prudent regulation and supervision to ensure safety and soundness as well as systemic stability. "If this Bill becomes law in the existing format, depositors" money will be used to bail out failing financial institutions. In India, all possible steps and policy measures are taken to prevent the failure of banks and protection of interests of depositors (e.g. issue of directions / prompt corrective action measures, capital adequacy and prudential norms). "Principal guarantee for PSU Banks' depositors come from government ownership which also remains completely unaffected", Garg said. In the past, in several countries, bail-in efforts have largely worked against depositors. Many political parties have said the bill is anti-poor, and is introduced to just minimise the losses of failing financial institutions.
This bill envisages that in case a bank is declared bankrupt, the depositors may lose their money. The bank also will not have any liability to fulfill any of the guarantees given by it to the depositors. As of now, the depositor is ensured to the extent of Rs. 1 Lakh in case of bank failure and there was a demand from stakeholders to increase this amount citing this as too low for anyone who might be depositing his entire life's hard-earned money.
The bill has caused alarm over a bail-in provision which according to many may mean creditors and depositors including common account holders have to absorb losses in case a ban fails.
The fingerprint sensor is expected to be an under-screen one and could be an upgraded version of the existing Xperia XZ Premium . One of the smartphones with less rounded corners appears to feature a two-tone design at the back panel.
This will set Fortnite apart from PlayerUnknown's Battlegrounds, which has capped its team size at 8 in custom matches. Previously, it was revealed that a new limited-time mode would be announced for Fortnite at The Game Awards.
During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. On average, equities analysts anticipate that SAGE Therapeutics will post ($6.70) earnings per share for the current year.
Witchfire takes place in a gritty, dark world, full of monsters and zombies running rampant as you try to survive. It will be interesting to see what the melding of these two genres brings when the game finally releases.
As CNN reported , Strzok changed Comey's key description of Clinton's actions from "grossly negligent" to "extremely careless". Besides, Wray said Trump has not asked him to pledge his loyalty to him nor spoken to him about Mueller's investigation.
Having a look at a company's recent Earnings per Share (EPS) performance is a useful way of understanding its profitability. Hbk Sorce Advisory Lc holds 0.82% of its portfolio in Exxon Mobil Corporation (NYSE: XOM ) for 63,537 shares.
Earlier this year, doctors raised a scary warning for brunch-loving millennials: mishandling avocado can injure your hand. The "cocktail avocado" is a small avocado which is 5-8cm long and grows in Spain and is only available during December.
The best-known is Bitcoin, although there are now more than 1,000 in circulation, including Ethereum, Ripple and Dash. The futures signal more mainstream acceptance of the currency, but also open up bitcoin to additional market forces.
It was helped by the auto industry, which saw a significant increase in exports, with demand in the eurozone growing. On a yearly basis, industrial production growth accelerated to 3.6 percent from 2.5 percent in September.
Uber said if it can not resolve the issue by the Dec 18 deadline, it will appeal the decision to keep operating in the city. Metro.co.uk has contacted Uber for a statement. "The legislation does not allow for the transfer of an operator's licence".
The Brooklyn Nets will also take on the Miami Heat Saturday in their second regular-season game in the Mexican capital. Brooklyn improved to 10-14. "I definitely want to stay away from that one", Atkinson said. "That was it.
Yes, I believe her, Ramaphosa on Khwezi
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Pak allows Kulbhushan to meet wife, mother on Christmas
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Rep. Nunes cleared in politically-motivated ethics probe
Based on their findings, the committee ruled that Nunes did not break any classification rules and closed the matter. It was not clear whether Nunes would formally resume leadership of the House Intelligence Committee's investigation.
Nvidia pulls Titan V out of its hat
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Hope Solo running for US Soccer president
Later, Nichols was pushed out by the USWNT players, who went on to sign a new collective bargaining agreement with U.S. She last played in a game when the US was eliminated by Sweden in the quarterfinals of the 2016 Olympics. - U.S.
West Brom Manager Alan Pardew Fears Losing Jonny Evans
West Ham would surely be hoping that inflated quotation is a fee which gets reduced if they are to stand a chance of doing a deal. Do I want to lose him? "Of course I do", Pardew, who was appointed West Bromwich's manager last week, told the press on Thursday.
May makes dawn flight to Brussels as Brexit seems done
European Union leaders are due to decide at a summit next week whether Brexit talks can move on to a new phase. The Prime Minister is under pressure to make progress in talks with Brussels amid an impasse over the border.