Finance Minister Arun Jaitley on Thursday assured the lok Sabha that money of all depositors in public sector banks will be protected and there is no need to create any fear psychosis. “The Govt is committed to protecting every depositor in public sector banks and therefore we need not create any fear psychosis,” he said while replying to a discussion on ‘Supplementary Demand for Grants - 2nd Batch for 2017-18’.
“When the (FRDI) Bill comes before the joint committee please discuss this. There is 2011 G-20 commitment when UPA was in power and that was offtake of 2008 global crisis when the lehman Brothers collapsed,” he said.
The Financial Resolution and Deposit Insurance Bill, 2017, introduced in the lS in August this year, has a ‘bail-in’ clause, which some experts say brings potential harm to deposits in the form of savings accounts. It bill is currently undergoing scrutiny by a joint parliamentary committee.