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Withdraw FRDI Bill or face nationwide resistance: Mamata Banerjee

“Common people deposit their hard earned money in banks. If this bill is passed there will be no guarantee on the security of their money,” Banerjee said on Tuesday.

kolkata Updated: Feb 13, 2018 22:51 IST
Sumanta Ray Chaudhuri
Sumanta Ray Chaudhuri
Hindustan Times
FRDI Bill,Mamata Banerjee,Trinamool Congress
Chief Minister Mamata Banerjee wants the Centre to withdraw the FRDI Bill which she says will harm the common people. (Samir Jana/HT PHOTO)

Trinamool Congress will launch a nationwide protest unless the Union government withdraws the proposed Financial Resolution and Deposit Insurance (FRDI) Bill, Bengal chief minister Mamata Banerjee said on Tuesday.

The FRDI Bill, that was tabled in the Parliament in August triggered intense controversy, most of it due to a “bail-in” clause that would shift the burden of probable bankruptcy on depositors.

Read: Reserve Bank goes back on its opposition to FRDI Bill

“Common people deposit their hard earned money in banks. If this bill is passed there will be no guarantee on the security of their money. I want to caution the Centre, either withdraw the bill or be ready to face nationwide protest,” she said while addressing a public meeting in Nadia district.

Incidentally, after the demonetisation in November 2016, Banerjee attended protest rallies in Bihar and UP with Lalu Prasad Yadav and Akhilesh Yadav.

According to the Trinamool Congress chief, FRDI is another way of jeopardising the interest of the common people after demonetisation and the Goods & Services Tax (GST).

Read: FRDI Bill’s bail-in clause unlikely to be watered down

“Demonetisation led to decline in the economic growth rate. Small traders and businessmen are suffering due to unplanned GST. Now, the Union government is after the hard-earned money of the common people,” she said.

She also ridiculed the Union government’s‘Beti Bachao, Beti Padhao’ scheme. “The total allocation under this scheme for the entire country is just Rs 100 crore, which means each state will not get even Rs 3 crore. We have already spent Rs 5,000 crore under Kanyashree scheme since its inception. Are they trying to fool people?” she remarked.

Read: FRDI Bill to protect, enhance depositors rights: Government

Launched in August 2013, Kanyashree is a welfare project for the girl child. Under this scheme, a girl aged between 13 and 18 years and belonging to a family with an annual income of less than Rs 1.2 lakh is given Rs 1,000 a year for education. On attaining 18 years, she gets Rs 25,000 if she continues her studies and does not get married. Those studying in college get Rs 2,000 (for humanities) and Rs 2,500 (for science subjects) a year.

First Published: Feb 13, 2018 22:51 IST