Work on FRDI Bill by Finance Ministry, will be presented in Parliament soon
Work on FRDI Bill by Finance Ministry, will be presented in Parliament soon

The Finance Ministry is working on the disputed Financial Resolution and Deposit Insurance (FRDI) Bill. Apart from this, Finance Minister Nirmala Sitharaman said on Friday that work on this bill is going on but it is not yet decided whether it will be in Parliament. When will it be introduced In addition, this statement of the Finance Minister is significant from the point of view of a five-fold increase in deposit insurance and recent changes in the bankruptcy laws. It also includes a bankruptcy solution for financial institutions. Sitharaman said we are working on the FRDI Bill.

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But we cannot tell when it will be tabled in Parliament. He welcomed the announcement of liquidity measures by the Reserve Bank for retail customers in general and MSMEs and realty companies in particular. The same central bank announced these measures in its sixth bi-monthly monetary review for the current fiscal on Thursday.

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There will be a provision under the FRDI Bill in which banks may have to use their resources first to recover. Apart from this, many people fear that this bill may cause loss to depositors. The insurance deposited in the budget has been doubled from Rs 1 lakh to Rs 5 lakh.

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