Panic over bank accounts


Banks in Hyderabad are witnessing long queues reminding customers of the days soon after demonetization last year. Reason: They want to withdraw as much money as possible from their accounts over fears created by the Financial Resolution and Deposit Insurance (FRDI) Bill.

Adding to their fears is the customers are allowed to withdraw only Rs 10,000 to Rs 20,000. ATMs, of course, have gone empty. The panic is partly created by reports and videos that are making rounds on the social media that depositors’ money in the banks could be taken away by the government if the Bill is passed. Though Finance Minister Arun Jaitley has been assuring the public that the proposed Bill is intended to safeguard the interests of banks if they go bankrupt, customers’ fears of losing money are growing by the day.

The FRDI Bill was first introduced in the Lok Sabha in August this year and a joint parliamentary panel is scrutinising it which seeks to pump in Rs2.11 lakh crores into the public sector banks which are suffering as a result of non-payment of huge corporate loans.

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