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Online petition against FRDI Bill’s bail-in provision gets over 50k signatures
Meanwhile, an online petition against the bail-in provision in the FRDI bill has got thousands of signatures even as the finance ministry said that the proposal, under consideration of a joint parliamentary committee, is depositor friendly and provides more protection.
By
migrator
migrator
New Delhi
An online petition on Change.org against the FRDI Bill, 2017, has gone viral on social media, seeking public support against what it terms as an attempt to “allow a government entity to use depositors’ money to save a bank on the verge of bankruptcy”.
The petition was started by a Mumbai-based individual, Shilpa Shree, with a single signature and has got over 40,000 sign-ups within 24 hours, supporting her appeal to the Finance Minister to not let this bill pass with the ‘bail-in’ provision.
“Our hard earned money that we have saved for our children and for our future will be used to bail-in the banks,” the petitioner said.
“This bill gives power to a government entity to use depositors’ money to save a bank on the verge of bankruptcy. This government entity can declare the bank doesn’t owe you any money though you have deposited your hard-earned money with it,” the petition said.
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