Government withdraws FRDI Bill from Lok Sabha

The government today withdrew the Financial Resolution and Deposit Insurance (FRDI) Bill from the Lok Sabha.

There have been concerns over the proposed bail-in clause to resolve a failing bank and insurance cover on bank deposits.

The bill was introduced in August last year in the House and then referred to the Joint Committee of Parliament.

A proposal to withdraw the bill was today moved by Minister of State for Finance Pon Radhakrishnan and was approved by the House.

Last week, the Committee tabled its report and had agreed with the government’s proposal to withdraw the bill.

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