THE government is in the process of reintroducing the Financial Resolution and Deposit Insurance (FRDI) Bill, but the timeline has not been decided, Finance Minister Nirmala Sitharaman said on Friday. FRDI was withdrawn in August 2018 after a backlash on a clause that put the onus on depositors to ‘bail in’, in case of bank failure. Considering that the deposit insurance cover was only Rs 1 lakh at the time, the Bill led to a huge outcry as it said deposits could be used to nurse a failing bank back to health.
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In the recent Budget, the government increased deposit insurance cover to Rs 5 lakh. Besides, insolvency laws were also tweaked to accommodate financial institutions.
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