New Delhi: The Centre is working on the Financial Resolution and Deposit Insurance (FRDI) Bill, but there is no timeline for it to be tabled in Parliament, Finance Minister Nirmala Sitharaman said on Friday.
Sitharman’s comments come on the back of an increase in deposit insurance from ₹1 lakh to ₹5 lakh and the recent changes in the insolvency laws that include insolvency solutions for financial institutions.
The late Finance Minister, Arun Jaitley, had, in August 2017, introduced the FRDI Bill in the Lok Sabha. The Bill proposed a comprehensive resolution framework for revival or closure of financial institutions, including commercial banks, insurance companies, NBFCs and co-operative banks.
However, it was later withdrawn following concerns raised over the ‘bail-in’ clause. “We are working on the FRDI Bill, but not sure when it can get through the House,” Sitharaman said in an interactive session with media and industry in Mumbai.
The government had run simulation on 5.78 crore I-T returns filed in the last financial year to assess the impact of the new tax structure.
