Policy

FRDI: Panel accepts FM’s proposal, recommends withdrawal of Bill

Our Bureau New Delhi | Updated on July 30, 2018

The Joint Committee of Parliament on the Financial Resolution and Deposit Insurance (FRDI) Bill has decided to recommend to the House that the Finance Ministry can be allowed to withdraw the Bill.

A meeting of the panel here on Monday discussed Finance Minister Piyush Goyal’s letter to Chairman of the panel Bhupender Yadav that the Centre intends to withdraw the Bill. It is learnt that the Minister has cited political and public opposition against the Bill as the reason for taking it back.

The panel will submit a brief report to both the Houses of Parliament recommending that the Bill may be withdrawn, a source in the panel said. He added that Goyal had submitted a “statement of reasons” on why the Centre has changed its mind on the controversial Bill.

Published on July 30, 2018

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