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Tuesday, February 25, 2020

Finance Ministry working on FRDI bill but not sure when it will be tabled, says FM Sitharaman

Sitharaman also welcomed the liquidity measures announced by the RBI for retail customers in general and for MSMEs and realty players in particular at the sixth monetary policy review on Thursday.

By: PTI | Mumbai | Updated: February 7, 2020 5:20:44 pm
budget 2020, income tax slabs, income tax cuts, income tax rate cut, Nirmala Sitharaman Budget 2020, Budget 2020 Income tax, Income tax exemptions Finance Minister Nirmala Sitharaman during the post-budget press conference in New Delhi (Image source: PTI Photo, File)

The finance ministry is working on the contentious Financial Resolution and Deposit Insurance (FRDI) Bill but not sure when it will be tabled in the house, Union minister Nirmala Sitharaman said.

The comments assume importance given the massive five-fold hike in deposit insurance and the recent changes in the insolvency laws that included insolvency solutions for financial institutions.

“We are working on the FRDI Bill; but not sure when it can get through the House,” the minister said.

She also welcomed the liquidity measures announced by the RBI for retail customers in general and for MSMEs and realty players in particular at the sixth monetary policy review on Thursday.

The FRDI Bill seeks to offer a bail-in clause to banks, which many fear will be detrimental to depositors.

The budget has increased by five-folds the deposit insurance to Rs 5 lakh.

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