"Depositor's money all safe with the bank, need not panic about FRDI bill" says Bhatkal SBI Manager to Bhatkallys.com

Bhatkallys News Bureau The rumors against the proposed Financial Resolution and Deposit Insurance (FRDI) Bill has grew louder amongst the citizens across the country and has put them in the state of panic. The Bill has created widespread fear, mistrust and panic amongst the depositors that the government is aiming to bring out a mojor bill called FRDI and present it in parliament and if passed then the deposits of the Banks will not be returned because of the bail-in clause of the Bill. To know more about the Bill and its impact on people, Bhatkallys.com visited SBI Bhatkal Branch and spoke with Assistant Branch Manager Jitendra, about the Bill. Manager said, people are worried and panicked for no reason as their money is all safe with the bank. The bill is not implemented yet and is still pending with the JPC (Joint Parliamentary Committee). He further said, the bill has to be presented in Lok Sabha, Rajya Sabha and then for President's approval respectively. If approved in all these stages only then it will be implemented. All these approvers will stop this Bill, if in any capacity it is going against the interest of citizens of India, he added. He further added "This rumors and a few media reports have caused panic in public, which has resulted in bank customers withdrawing their money from accounts and investing in more threat posing sources like crypto currencies and other businesses, which is not recommended personally, as nobody gives you the surety about the money". SBI itself confidently declares that, More than 42 Crore customers have reposed faith in the bank. And Protecting the interest of the depositors has all along been the topmost priority of RBI. Hence customers need not be panicked about the rumors as PM Modi itself while addressing the 90th Annual General Meeting of Industry Chamber FICCI said, "Rumours are being spread regarding FRDI. The Government is working for securing interest of customers and protecting their deposits, but contrary news is being spread".