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FRDI bill could ruin lives of common people: Mamata to Jaitley

twitter-logoPTI | February 16, 2018 | Updated 22:27 IST

Kolkata, Feb 16 (PTI) West Bengal Chief Minister Mamata Banerjee has shot off another letter to Union Finance Minister Arun Jaitley for withdrawal of the FRDI Bill saying it could ruin the lives of "innocent and unsuspecting" people.

The letter, which was written yesterday, is Banerjees reply to Jaitleys acknowledgment of her first letter written in this connection in December.

"I am simply unable to accept the argument that the ostensible purpose of the (Financial Resolution and Deposit Insurance) Bill is to protect the interest of the depositors. To the contrary, the bill is meant to do just the reverse.

"The bill proposes to introduce a draconian provision of bail in which has the potential of endangering the hard earned deposits of the public," Banerjee wrote, clearly stating her dissatisfaction with the reply of Minister of State for Finance Pon Radhakrishnan, written on behalf of Jaitley.

Apparently hitting out at the fraud involving Punjab National Bank by billionaire diamond merchant Nirav Modi, Banerjee wrote, "It is clear that the real intent of the bill is to bail out one section of the vested interests who have siphoned off the loans given to them by the banking institutions rather than protect the interest of the depositors". PTI SCH KK ZMN

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