Sub: Concerns with regard to the Financial Resolution and Deposit Insurance Bill, 2017.
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Pl do not use common man's bank money to 'bail in' loss making banks
With reference to the aforementioned bill, we the members of the senior citizens of india would like to bring to your notice our concerns with regard to the same and its far reaching consequences for the economy. As we write this there is a heated debate going on with regard to the State of the Indian economy and slowing growth rate. We are still recovering from the cascading effects of the demonetisation and GST, even while the NPAs of the Banks continue to grow. The farmers, agrarian labourers, informal sector workers, small traders and businessmen and a large number of unemployed people are facing the heat of the sluggishness in the economy. While, the NDA government continues to not acknowledge the problem and instead keep coming out with measures and policies which are only going to systematically further perpetuate the problem. We believe and see the current Bill also in line with that. Something which is going to impact severely the Indian Banking sector and make them more vulnerable, push them towards privatisation and subject them to complete bureaucratic control and make them completely unaccountable and immune from the people. We would like to make our opposition to this Bill and say that this will be a dangerous move and the Bill should be withdrawn. We would urge the Committee too to do the same.
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