People reportedly emptying bank deposits: Fearing Modi’s new Law!

People reportedly emptying bank deposits

People reportedly emptying bank deposits 

Posted December 22, 2017, 6:09 pm at 18:09

From the time, people tasted demonetization effect, they are not only stunned but are very alert and watching every move made by the Government.

It is known to all, that recently, Union government proposed a new bill- Financial Resolution and Deposit Insurance (FRDI) Bill 2017. A major number of people still have no idea about what the bill is all about and what impact it will have, but some messages are circulating on Facebook and WhatsApp seem to have persuaded them to believe that government will use the people’s money deposited in banks.

Several reports are coming that people are flocking to banks and are withdrawing their entire deposited amounts in fear of this new bill. Though the bank managers trying their best to convince them, account holders are apparently seen arguing that they will once again deposit the money in the bank if the circulating reports turn out to be rumors. Just to quote one case, an enormous amount of Rs.6 crore was withdrawn from two banks in Warangal district this week itself.

In the meantime, Finance Minister Arun Jaitley on Thursday spoke in the Lok Sabha that govt. will protect all the depositors’ money in public sector banks and there was no need to get panicked. The bill is presently in parliament being analyzed by a joint parliamentary committee.

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