Financial Resolution and Deposit Insurance Bill could undergo several corrections, says Union Finance Minister

Financial Resolution and Deposit Insurance Bill could undergo several corrections, says Union Finance Minister

Bank depositor’s fears about the safety of their savings if the center enacts proposed  Financial

Resolution Deposit Insurance Act for resolving financial entities bankruptcy -may be premature as the bill is still at the drafting stage and could see several corrections before its passage, Union Finance Minister Arun Jaitley said.

Financial Resolution and Deposit insurance is expected tabled in the parliament’s  winter session, starting on December 15, 2017.

The Bill proposes scrapping the Deposit Insurance and Credit Guarantee Corporation (DICGC) that guarantees repayments of all bank deposits up to Rs 1 00000.