Bank union threatens strike if FRDI Bill not amended


New Delhi, Dec 13 (PTI): All India Bank Employees Association (AIBEA) has threatened to go on strike if FRDI Bill is not amended to safeguard interest of depositors even as the government has assured that it will protect rights of customers.

"Our banks deal with huge public money and total deposits in the banks today are more than Rs 106 lakh crore. Unlike the American and other western banks which are run with share- holders and investors money, banks in India are run with peoples hard earned savings kept as deposits," AIBEA said in a statement.

Hence, safety of peoples money should be the top priority, it said.

The government which brought in the Financial Resolution and Deposit Insurance (FRDI) Bill 2017 with bail-in clause is created panic amongst the people about safety of their deposits in banks, it said.

"AIBEA has already appeared before the Joint Parliamentary Committee and urged upon them to reject the Bill. It is contemplating a strike action against this unwarranted FRDI Bill, if the Government proceeds further (with the Bill)," it said.

Seeking to allay concerns of depositors over provisions of a draft law, Finance Minister Arun Jaitley yesterday said the government will fully protect public deposits in financial institutions even as he hinted at openness to changes in the proposed FRDI Bill introduced in the Lok Sabha in August this year.

It is currently undergoing scrutiny by a joint committee of Parliament.

The so-called "bail-in" clause in the draft legislation has been commented upon by experts as of bringing potential harm to deposits, in the form of savings accounts.

  

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Comment on this article

  • ajay, west bengal

    Thu, Dec 14 2017

    We have accumulated hard earned money (not black money) for the period of retirement when we will have no income source. Why should anybody take our money for the folly of certain bank officers and thief businessmen . If this bill is passed, the banks would not have money to lend on interest and all the banks will ultimately close down. The BJP whom we had voted will also decline for ever and will become a history

    DisAgree Agree Reply Report Abuse

  • Helen D'souza, Mangalore

    Wed, Dec 13 2017

    Please don't trust Jaitly, as usual his words of assurance are not clear. He had only mentioned as" we will safeguard peopl's money" bu not clearly stated that the government will no use public deposits to bail out banks.

    DisAgree Agree [3] Reply Report Abuse

  • Gilbert, Udupi/Kuwait

    Wed, Dec 13 2017

    Modi govt. has to amend FRDI bill if it wants to win 2019 general elections! Bank managers lent money to Industrialists and many other co's taking huge bribe and without verifying properly their financial position and assets. There is a nexus between Politicians, co's, agents and bank officials to get loan offering huge commission. This happens in India for decades and NPA accumulated. Also Govt. subsidies to various groups so bank doesn't have enough funds to lend to the SME co's. Now they want easy money of depositors to compensate the loss!!!??? What a decision? Shame on those who may pass this legislation!?

    DisAgree Agree [5] Reply Report Abuse

  • Jossey Saldanha, Mumbai

    Wed, Dec 13 2017

    Modi's final ambition - 'Shutdown India' ...

    DisAgree Agree [6] Reply Report Abuse

  • Anonymous, Mangalore

    Wed, Dec 13 2017

    Are we going to stone age.Ae we heading towards barter system like at the beginning of human civilisation..?
    If FRDI 2017 bill comes into force,it is better to withdraw all savings in the bank accounts and store it in big vessels and hide it at home.Ridk of dacoity theft etc., will be there but when we are rolling into such a system problem will be lesser.
    For me my family is of foremost importance.
    ATMs will be rendered useless...banks may sell sweet potatoes,vegitables,rice etc.Anything my happen under Modi rule.

    DisAgree Agree [19] Reply Report Abuse

  • Antonio DSilva, Kuwait

    Wed, Dec 13 2017

    Modi, Jaitley, Amit and all you politicians

    you are here because the 125 crore Indians have elected you; but remember the same 125 crore Indians have the power to undo all of you.

    The threat by the All India Bank Employees Association (AIBEA) is real and should be taken as a murmur of the oncoming massive earthquake that will take the earth away from under your feet.

    DisAgree [1] Agree [19] Reply Report Abuse

  • mahesh, Mangalore

    Wed, Dec 13 2017

    You should read more about the bill and the govt statement,than relying on fake WhatsApp forwards.

    DisAgree Agree [1] Reply Report Abuse

  • Dinga, Mangalore

    Wed, Dec 13 2017

    U people give money to god, but god doesn’t need ur money.

    Can’t u sacrifice ur money to bank for betterment of India’s future.

    DisAgree [25] Agree [6] Reply Report Abuse

  • Ravi, Kudla

    Wed, Dec 13 2017

    Betterment of India or to pay Mallya, Adani, Ambani etc...
    Do you know how much loan waved off by this BJP government?

    I earn money to fulfill my and family needs and not to fill big corporate houses....

    DisAgree Agree [28] Reply Report Abuse

  • Indian, Mumbai/Nairobi

    Wed, Dec 13 2017

    Why the government is doing all unwarranted schemes?? When they will develop Indians to develop India?? This foolish government is trying to develop only external relationships by failing miserably in building internal fabric of the Country. Very pathetic situation. Its time for the 1.25 crore people to unite and take charge.

    DisAgree Agree [15] Reply Report Abuse

  • Dinga, Mangalore

    Wed, Dec 13 2017

    Bjp wants everyone’s account to be equally money. In all Indians account 10 crores

    Just imagine ambanis money in ur bank account. Isn’t it amazing.

    Thank u modiji

    DisAgree [21] Agree [2] Reply Report Abuse

  • NAGESH NAYAK, Mangalore

    Wed, Dec 13 2017

    HINDUTVA MEANS TRUTH, HONEST, HELPING, LOVING, CARING..

    WHAT BJP IS DOING IS ANTI-HINDUTVA.

    DisAgree [3] Agree [41] Reply Report Abuse

  • Antonio DSilva, Kuwait

    Wed, Dec 13 2017

    NAGESH NAYAK, Mangalore

    Thank you; that's the exact way, to put it!

    The BJP is hurting the poorest of the poor.

    DisAgree Agree [21] Reply Report Abuse

  • Nancy, Mumbai

    Wed, Dec 13 2017

    Undhu va Nagesh marre, BJP'k nerpuni?????

    DisAgree [1] Agree [6] Reply Report Abuse

  • HENRY MISQUITH, Bahrain

    Wed, Dec 13 2017

    мιи∂вℓσωιиg ℓσνєℓу move..Modi Government will go to any extent to help its political donors, the India Inc. It has cheated the common man ever since it came to power. DA and deposit rate interest has hurt the salaried class and retirees by faking CPI! This move is to force depositors to withdraw money form banks and invest in stock markets/corporate debts.

    DisAgree Agree [17] Reply Report Abuse

  • Ramesh S, MANGALORE

    Wed, Dec 13 2017

    ..Its just another propoganda lies spreading...your deposit/bank locker valuables already in danger, union didnt tell that..first Unions should stop forceful selling of Insurance policies in Banks to customer while applyign for loan, first they have to educate commoner about various Govt financial schemes, or atleast pass on the benifit of Interest rate cuts on loan..in many cases they wont apply new rate if customer didnt notice..

    DisAgree [4] Agree [3] Reply Report Abuse

  • mahesh, Mangalore

    Wed, Dec 13 2017

    The FRDI Bill aims to set up an entity called the Resolution Corporation (RC) that insures bank deposits. Today your bank deposits are insured to the tune of Rs 1 lakh by the Deposit Insurance and Credit Guarantee Corporation (DICGC). The RC will also insure bank deposits and the insured limit will be set in consultation with the RBI. The last revision to the insured deposit amount was in 1993 and the limit is likely to go up to inflation index it, rather than down.

    DisAgree [15] Agree [2] Reply Report Abuse

  • mahesh, Mangalore

    Wed, Dec 13 2017

    What happens to my bank deposits and can these be used in the bail-in clause? The bail-in clause is the opposite of a bail-out. In a bail-out, an external agency helps out a distressed firm. In a bail-in, it is the debt of the firm that is either written off, or subject to a haircut or changes form. Your bank deposit is a liability or a debt for the bank, so can your money be used for a ‘bail-in’? Will you lose your bank deposits? The short answer is: no. Life will be no worse than it is today; it will most likely be a bit better. Today, the Deposit Insurance and Credit Guarantee Corporation (DICGC) insures bank deposits up to Rs1 lakh. The RC will also insure bank deposits and the insured limit will be set in consultation with the RBI. The last revision to the insured deposit amount was in 1993 and the limit is likely to go up to inflation index it, rather than down. There is an additional protection for depositors because the bail-in can be invoked and your deposits be lost only if you have given your consent to the bank when you signed the deposit forms.

    DisAgree [11] Agree [2] Reply Report Abuse

  • NAGESH NAYAK, MANGALORE

    Wed, Dec 13 2017

    ONE MAN GETTING ABUSED FOR HIS DISASTER ACHIEVEMENTS

    DEMONOTISTION GOT ABUSED.

    GST GOT ABUSED..

    FRDI BILL GOT KNOWS WHAT PEOPLE WILL DO.

    BJPS EYES ARE ON PEOPLES BANK ACCOUNT.

    DisAgree [1] Agree [31] Reply Report Abuse

  • Declan, Mumbai

    Wed, Dec 13 2017

    That is why government is known as highly anti common man and pro super rich and just selling Hindu religion only for votes after that public is forgotten.

    DisAgree [1] Agree [21] Reply Report Abuse

  • sri_elder, Karkala

    Wed, Dec 13 2017

    Indian banks are too big to fail..

    When it comes to NPA, it was grown from 30,000 crores to 8 lacs crores during UPA 2nd term alone.

    And Rajan wanted 2term . Actually Rajan and MMS should be investigated for all NPAs..

    DisAgree [22] Agree [5] Reply Report Abuse

  • NAGESH NAYAK, MANGALORE

    Wed, Dec 13 2017

    WHEN UR ACCOUNT BECOMES ZERO. THEN U WILL REALISE. THEN DONT COME TO ME CRYING.

    THEN WHY BANKS WANTS TO PROTEST FOR THE BILL TO BE PASSED

    DisAgree [1] Agree [19] Reply Report Abuse

  • sri_elder, Karkala

    Wed, Dec 13 2017

    I heard deposits will be replaced by shares of the bank ... I don't know what percentage...

    Report says Cyprus economy was saved by this approach..

    Many people don't know even pension fund can go bankrupt in India due to many loopholes...

    Sickulars think that MMS and Italian mafia done all the good things... They are all looters...

    DisAgree [19] Agree [1] Reply Report Abuse

  • NAGESH NAYAK, MANGALORE

    Wed, Dec 13 2017

    THAT LOOT DIDNT EFFECT US AND COMMON MAN, WE HAD PLENTY OF MONEY. REAL ESTATE WAS BOOM, ECONOMY WAS STRONG

    NOW BJP WITHOUT LOOT WE ARE IN HELL.

    DisAgree [1] Agree [18] Report Abuse

  • Declan, Mumbai

    Wed, Dec 13 2017

    Modi must be really lucky for receiving such 'BLIND' faith from his supporters.

    DisAgree [1] Agree [10] Report Abuse

  • sri_elder, Karkala

    Wed, Dec 13 2017

    I think those laws will be there for only emergency measures and not for normal practice... Just like bankruptcy protection...

    DisAgree [9] Agree [1] Report Abuse

  • Ramesh S, MANGALORE

    Wed, Dec 13 2017

    ..Every union have their own patronage, so its not surprising if some union threaten strike..Bill still under debate, there is no such thing like Depositor will loose money from this..how many knows, as per existing laws(impelemented before MODI regime) only maximum one lac rupee is guaranteed by Govt if Bank became insolvent (if you have 5 lacs deposit, rest 4 lacs already in Danger)..so where is the question of new thing here!!.. the Gold pledged in banks have limited Insurance, valuable kept in Bank lockers not at all safe & bank wont compensate if its lost..Do these unions ever enlightened this!!..as far as Congress opposition is concerned, they will do everything secretely..Global trust bank closed down due to loss/ mismanagement but Congress merged it with Govt bank (Oriental bank of commerce)!!..Tax payers lost money, how many knows this!!..unions didnt tell this to public..

    DisAgree [14] Agree [4] Reply Report Abuse

  • Dinga, Mangalore

    Wed, Dec 13 2017

    Don’t worry, this is for 5 LAKHS and above deposited money, doesent effect for poor.

    Take money from rich and giving to poor.

    Jai ho modiji

    DisAgree [21] Agree [1] Reply Report Abuse

  • NAGESH NAYAK, MANGALORE

    Wed, Dec 13 2017

    POOR GUJRATHIS, TRUSTED MODI AND VOTED MODI.

    VOTING ALREADY FINSISHED, NEWS WAS BIT LATE TO REACH GUJJUS

    DisAgree [4] Agree [15] Reply Report Abuse

  • Declan, Mumbai

    Wed, Dec 13 2017

    And encourage the poor to be lazy yeah ?

    DisAgree Agree [5] Reply Report Abuse

  • NAGESH NAYAK, Mangalore

    Wed, Dec 13 2017

    IT WILL NEVER GO TO POOR, IT WILL GO TO POLTICIANS, JAI SHAHS, RAMDEVS, BIG SHOTS TO WAIVE OF THEIR LOANS

    DisAgree [2] Agree [16] Reply Report Abuse

  • Sharan, Mangalore

    Wed, Dec 13 2017

    What happened to all the great success of demonetisation & GST? No income from that?? Where goes the tax? This Gov't is the worst of all.Just takes money from people & gives back nothing.The real looters.Why do they want to""safeguard" deposits until they plan to meddle with it?MMS probably has wind of this too..he warned PM to not do anything distressing as demonetisation ever again.God save this Nation from communal goons and their Bhakts fools.

    DisAgree Agree [16] Reply Report Abuse

  • mahesh, Mangalore

    Wed, Dec 13 2017

    Jaitley said the government’s massive Rs2.11 trillion bank recapitalisation plan was to strengthen banks and there was no question of any lender failing. If any such situation arises, the government will “fully protect” the deposits made by customers, the finance minister said here adding that “the government is very clear about it”.

    DisAgree [11] Agree [1] Reply Report Abuse

  • Muhammed Sadik, Thumbe

    Wed, Dec 13 2017

    My dear Friend ....
    Do u know what actually this bill is.....don't rely on his word.

    DisAgree Agree [12] Reply Report Abuse

  • NAGESH NAYAK, MANGALORE

    Wed, Dec 13 2017

    VOTE FOR BJP, IF U WANT TO RISK UR HARD EARNED MONEY.

    DisAgree [3] Agree [18] Reply Report Abuse

  • I wish I was there, Bahrain

    Wed, Dec 13 2017

    Sometime you say you want vote for BJP, now you are saying vote for BJP. really

    DisAgree Agree [2] Reply Report Abuse

  • NAGESH NAYAK, MANGALORE

    Wed, Dec 13 2017

    WHEN U BECOME HUNGRY, U SEARCH FOR MONEY AND FOOD.

    WHEN CONGRESS WAS RULING OUR POCKET WAS FULL OF NOTES.

    NOW BJP IS RULING WE ARE EMPTY POCKETS.

    BJP ALWAYS SAYS NEXT MONTH NEXT MONTH, STILL NOW BUSINESS IS RUINED.

    WE WANT FOOD, WE DONT WANT FOOD SNATCHER ANYMORE

    DisAgree Agree [23] Reply Report Abuse

  • Dinga, Mangalore

    Wed, Dec 13 2017

    This is must for development and betterment for india.

    Can’t we sacrifice our money for the nation

    DisAgree [29] Agree [2] Reply Report Abuse

  • Sharan, Mangalore

    Wed, Dec 13 2017

    You must be really" dingggg" 😵😅

    DisAgree Agree [15] Reply Report Abuse

  • Sompa, Mangalore

    Wed, Dec 13 2017

    Nadle umbyan.

    DisAgree Agree [9] Reply Report Abuse

  • Flavian dsouza, chik/bengaluru

    Wed, Dec 13 2017

    why do we need this bill ?? Jaitley will ruin this country with his limited knowledge like GST ..

    DisAgree Agree [17] Reply Report Abuse

  • Jossey Saldanha, Mumbai

    Wed, Dec 13 2017

    Banks will close if people stop depositing money ...

    DisAgree [1] Agree [29] Reply Report Abuse

  • NAGESH NAYAK, MANGALORE

    Wed, Dec 13 2017

    BUT STILL MODI WILL PUT U IN TROUBLE, WITHOUT DEPOSITING INTO BANK. IT WILL CONSIDERED AS BLACK MONEY

    DisAgree [1] Agree [11] Reply Report Abuse

  • Jeevan, Mangalore

    Wed, Dec 13 2017

    Yes, no escape root, jossey give us some ideas

    DisAgree [1] Agree [10] Reply Report Abuse

  • Declan, Mumbai

    Wed, Dec 13 2017

    Modi government is the most anti common people government in the history of free India. They don't even care about ordinary citizens hard earned savings. Shame on this government !

    DisAgree [2] Agree [29] Reply Report Abuse

  • Dr.S.Kamath, Mumbai

    Wed, Dec 13 2017

    Customers interest protection is only Bahana
    Scrutiny ,Investigations of Officers is Nishana
    As per the bill there will be a Resolution Council which has power to Investigate and scrutinize the activities of the Bank Officers and there will be Rating system for the Banks as per their performance which the Officers association is actually protesting for .Not for the protection of interest of Depositors money .To Safeguard Depositors money this bill has been brought in because most of the cases the Officers give Loans without verifying the Borrowers accounts ,Their business etc and then loan becomes NPA .There is no accountability .
    These Bank officers tie even one Pen which we customers use to write .Why they are bothered about Depositors money .Already all PSU Banks have huge NPA s

    DisAgree [7] Agree [5] Reply Report Abuse

  • kas, Mangalore

    Wed, Dec 13 2017

    Why the central govt is afraid of sending Chaimen / MD's/ Managers / officers to JAILS who are responsible for NPA's..... why they are discussing about customers deposits and balances ...... Dall mey kuch kaala hai ...

    DisAgree Agree [7] Reply Report Abuse

  • ABDUL RAFIQ, Uchila

    Wed, Dec 13 2017

    Modi is running the country on the basis of Baba Ramdev's Economics. They already damaged the country and it will take at least 5 years to recover from this mess for next Rahul Gandhi lead Congress govt. No Black money, No 15 Lakh Rupees. Just fooled the nation. Demonetization and GST made people's life miserable and BJP will heavy penalty for this blunders. BJP's downfall will start from Gujarat.

    DisAgree [2] Agree [23] Reply Report Abuse

  • mahesh, Mangalore

    Wed, Dec 13 2017

    Jumping the gun,are we?
    FM has already assured that the depositors money will be protected.
    And the bill is still pending with the standing committee..process is still on..inputs from various sections are still being taken.

    DisAgree [25] Agree [3] Reply Report Abuse

  • kas, Mangalore

    Wed, Dec 13 2017

    First of all ..... why this crooked idea came in the mind of Nagpur hypocrites ....

    DisAgree [1] Agree [24] Reply Report Abuse

  • mahesh, Mangalore

    Wed, Dec 13 2017

    You should read the bill first and then comment.

    DisAgree [14] Agree [1] Reply Report Abuse

  • kas, Mangalore

    Wed, Dec 13 2017

    Can u tell me what is beneficial for the depositors in the bill ......

    DisAgree Agree [4] Report Abuse

  • wd, Dubai

    Wed, Dec 13 2017

    Not Jumping the gun - Just aprehensive after the fiasco of Demonetisation & GST hapazardly implemented.

    DisAgree Agree [12] Reply Report Abuse

  • Joseph F. Gonsalves, Bannur, Puttur / Mangalore

    Wed, Dec 13 2017

    FOR THIS IS THE REASON I WAS TERMING THIS BHARATIYA JAANUVAAR PARTY AS:

    COW GOVERNMENT'S CATTLE CLASS GOVERNANCE.

    The Brhasta Jhoot Party has no love for humans,

    They have more love towards Cows and Pakistan's I.S.I. and Pakistan's Nawaz Sherief.

    MAY GOD SAVE INDIA FROM THESE TERMITES.

    DisAgree [3] Agree [35] Reply Report Abuse


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Title: Bank union threatens strike if FRDI Bill not amended



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