News Details

( 07/12/2017 12:04)
FRDI Bill to protect rights of depositors: FM

Finance Minister Arun Jaitley has said that the proposed FRDI Bill protects the rights of depositors.

"The Financial Resolution and Deposit Insurance Bill, 2017 is pending before the Standing Committee. The objective of the government is to fully protect the interest of the financial institutions and depositors," he said.

“The government stands committed to this objective,” he added.

According to Economic Affairs Secretary S C Garg, FRDI Bill proposes to protect existing rights of the depositors.

Commenting on the issue, Economic Affairs Secretary S C Garg told the media, "There is no dilution thereof. Instead it enhances present protections in certain ways. Principal guarantee for PSU Banks' depositors come from government ownership which also remains completely unaffected."

As per reports, the Government tabled the Financial Resolution and Deposit Insurance Bill, 2017 in August in the Lok Sabha, which was referred to a Joint Committee of Parliament. The bill seeks to deal with insolvency of financial service providers. The bill provides for establishment of a resolution corporation with powers relating to transfer of assets to a healthy financial firm, merger or amalgamation, liquidation to be initiated by an order of the National Company Law Tribunal.

ATTENTION INVESTORS 1 : "No need to issue cheques by investors while subscribing to IPO. Just write the bank account number and sign in the application form to authorise your bank to make payment in case | 2 : "Prevent Unauthorized Transactions in your demat / trading account --> Update your Mobile Number/ email Id with your stock broker / Depository Participant. Receive information of your transactions directly from Exchanges on your mobile / email at the end of day and alerts on your registered mobile for all debits and other important transactions in your demat account directly from NSDL/ CDSL on the same day." - Issued in the interest of investors. | 3 : KYC is one time exercise while dealing in securities markets - once KYC is done through a SEBI registered intermediary (broker, DP, Mutual Fund etc.), you need not undergo the same process again when you approach another intermediary.

SEBI Regn. NSE: INB231280430 I F&O: INF231280430 I BSE: INB011280436 I NSE CD: INE231280430 I MCX-SX: INE261280430

Copyright © 2017 Rikhav Securities Ltd. All rights reserved

Designed , Developed & Content Powered by DION