AGARTALA, Jan 27 (TIWN): CPI-M backed United Forum of Bank Unions have come in mass agitation today at the Paradise Chowmuhani, opposing the Financial Regulatory and Deposit Insurance (FRDI) Bill.

A demonstration was staged at Agartala Paradise Chowmuhani for hours.

The agitators said, “After the present Govt came in power, the Nationalized banks are facing huge debts. The debts have raised at Rs. 11 lakh croes from Rs. 2.67 lakh crores”.

“The maximum loans were given with ruling party’s backness. Even though their they can return the loan but not returning and to save them the central govt is trying to bring FRDI Bill in the parliament which will allow the public money to go in the hands of corporate via bail-in process”, said the agitators.

The FRDI Bill was introduced in Parliament in August 2017 and is under the consideration of a Joint Committee of Parliament.

In clarification about the Financial Regulatory and Deposit Insurance (FRDI) Bill, the government of India has said depositors will be given preferential treatment in the event of liquidation of a bank, and the controversial bail-in clause will be used only with the prior consent of depositors.

The clarification also said the bail-in clause would not be applied to public sector banks, and it would be a tool of last resort — when a merger or acquisition is not viable — in the case of private sector banks. The government reiterated its implicit guarantee for the solvency of public sector banks.