FRDI bill may take away all your hard-earned money

[6pack]

If RBI protected interests of depositors, then it would have intervened when kingifsher airlines was deep in red. But it still approved banks to grant additional loans and ultimately kingfisher collapsed.

TO add to this, RBI has allowed banks to not insure safety deposit boxes. So putting your valuables in a safety deposit box is not as safe as you thought. Better to keep at home for free than give money to bank who don't care about its safety. Your'e losing money either way if it gets stolen. Best option would be to not buy gold and jewelery, but that is not possible.

Also latest news, RBI does not allow to return torn/ damaged / discoloured new notes because they're waiting for govt to decide on it. Don't keep hope in RBI. They are just another govt body. They don't care about the people. They only care about govt treasury.

 

[Futureized]

Better to keep at home for free than give money to bank who don't care about its safety. Your'e losing money either way if it gets stolen. Best option would be to not buy gold and jewelery, but that is not possible.

You Hit nail on head..
Are you also understanding various mutual schemes injected from goverment ?
Specially in village areas, who dont even know what does that mean..

It goes off, without any media coverages..

 

[Lord Nemesis]

I am from a family of Congress Leaders, there are many in family who believe Rahul G to become a great PM, how much more hopeful one can be?

You need to Know Propaganda from both sides before deciding, otherwise it will be like Gauri Lankesh Murder. This is what I received from BJP friends.


All these years we kept money in the banks with knowing that the maximum liability of the banks is just 1 Lakh isn't it? We don't have any robust bankruptcy laws as well, there was need for a change in the policy. Arun Jaitely recently denied most of the Contentious clauses and apprehension as baseless. So let's see how things turn out.

"BJP friends" as it turns out are not a very reliable source for meaningful information. They are usually ignorant and just spread the propaganda without any verification. A colleague was convinced by a "BJP friend" (who is actually a party worker) that the entire bill is a hoax first and later that there are no clauses related to deposits in banks. That was until I send my colleague the link to the actual document to read.

The bill in its current form provides them all the power they need to do all that is being claimed and you are asking me to trust people in this this govt who are openly known to be crooks (just a look at their affidavits is enough to convince me that they are corrupt and hard core criminals) to not abuse it. Its like handing the keys of your safe to a repeat thief with the belief that they won't open the safe.

I personally don't have any problem with the deposit insurance system that we have already since 1962 and I don't have any issue with the bail-in process too. My problem is is the largely open ended way that this bill was written giving a regulatory body (govt) and bank/corporation managing bank with vast powers which they can use without any further consent from the customers or judiciary. For instance, how do you determine that a bank is really in a shape that it requires bail-in by using customer money. Who should be making the call. I am sure as hell not going to trust a govt controlled regulatory body without alternative stakeholders represented by the people.

In any case, lets look at this propaganda poster that you shared.

Bill will ensure we don't get to a stage where a bank lends money to financially unsound companies and it eventually faces insolvency. The RBI has always ensured the depositor interest is protected and this Bill gives them more teeth to do so.

Not lending money to financially unsound companies does not and should not require any new laws to enforce. It always was/is and will be a common sense requirement that banks should do due diligence. The reason majority of bad loans still go out is corruption. Its usually the politicians who help such businesses secure them. Do you seriously think that Vijay Mallya managed to get 9000 crore worth of loans and absconded without help from Congress and BJP politicians?

Also, this bill from what I have seen, does not put any liability on anybody for ensuring this. Is there any requirement that loans should be approved after going to a rigorous scrutiny by a central regulatory body? Does it allow punishment of bank officials as part of the liability? Nothing like that. The regulatory body comes into picture only when the banks have given the bad loans and could not recover it back and are going into a bad state. They will then take appropriate actions to put the bank back on track and this includes using the bail-in process using customer deposits.

The common deposits, FDs and ROs are EXCLUDED from the "Bail-in Provision" They shall continue to be protected. (Currently, banks are liable to pay only up to Rs .1 Lakh)

Please see section 52(7) in page 64 of the bill document. (check my post #10 for link to document).

An instrument for the purposes of this section shall not affect -

(a) any liability owed by a covered service provider to the depositors to the extent that deposits are covered by Deposit Insurance;

The key difference here is that banks so far could void liability beyond the 1 lac deposit insurance only when they are already in the process of folding. But now, they can void liability a lot earlier than that. If the regulatory body deems that the bank is not doing good, they can authorize a bail-in which could be anything form taking part of your money to all of it temporarily (issuing security deposits) or permanently. So it is not the same thing as losing your money when a bank folded. Clever use of language in the propaganda poster trying to give the impression that your money is all secure even while mentioning that its not at the end.

Section 29 vests powers to the regulator to decide the amount payable from the Corporation fund. It has not been finalised as yet as the bill is pending with the standing committee. However, it may be significantly higher than the current insured amount of Rs.1 Lakh.

Again the problem is that no where in the bill, it sets any lower limit on the amount that can be set by regulator. So the regulator can set the amount of Rs 3 lac and they can just as well set it to 0.


Also, just want to add that bills like these are intentionally written in this ambiguous manner so that they can be loosely interpreted later on. So, we should read them based on the language written in the documents rather than based on the rosy interpretation that the govt passing the bill wants you take. They may want to you believe that even though the provisions are very open ended, they are going to interpret it this way only, but then once the bill is passed, nothing is going to stop them if they want to make alternative interpretations because the language of the bill will accommodate them.

 

[pratikb]

https://twitter.com/renukajain6/status/940144676408930306

For those who want to know truth nehind this bullshit campaign of CON party and its supporters.[DOUBLEPOST=1513028996][/DOUBLEPOST]See the video in this tweet.[DOUBLEPOST=1513030151][/DOUBLEPOST]No govt. in its wildest dream would like to loose the power of govt.

Who will creat bill to kick themselves out of govt. power.

Who will vote for govt. who is taking away the hard earned money in bank ?


This all is congress and pakistani agenda.

Get life. Apply some common sense.

 

[Lord Nemesis]

^^ What you political butt kissers really lack is intelligence and ability to perceive and understand, but unfortunately, that is not something you can grow over time and what you get from birth is what you have to contend with for the rest of your life. So, you do have my sympathies. I can, to an extent understand that you are easily prone to manipulation and can be nothing more than a tool to be used and discarded.

And to make matters even worse, you people don't even attempt to gain knowledge. The bill document in its raw form is available for download from the govt site and anybody can download, read and understand it for themselves. But no, its too complicated a task for you and you would rather rely on some random propaganda video that spoon feeds you their crap.

Pakistani Agenda???? Really??
I guess this country is already in a state where its ready to transform into something worse than North Korea. Maybe that is what this country deserves.

Sometimes, I think that what this country badly needs is a shock therapy of sorts. Like some new disease that kills off most of these current politicians and their butt kissers which this country doesn't have any dearth of. With 70-80% of the population gone, This country will have an opportunity to start afresh or go extinct as the case may be and either situation wouldn't be a bad outcome compared to the current situation.

 

[Chaos]

This all is congress and pakistani agenda.

Get life. Apply some common sense.

If you can read, please check the actual bill.

http://dea.gov.in/sites/default/files/FRDI Bill-27092016_1.pdf

 

[Marcus Fenix]

If you can read, please check the actual bill.

http://dea.gov.in/sites/default/files/FRDI Bill-27092016_1.pdf

I think these bhakts can read but they choose not to and blindly follow whatever spiel is thrown out by their leader.That is the power of a demagogue for you in a nutshell.

The greatest trick the devil ever pulled was to convince the world that he didn't exist...

 

[adventureguy]

This all is congress and pakistani agenda.

Get life. Apply some common sense.

This is why I don't discuss politics here or anywhere else on the internet.

 

[nimod]

dear @pratikb, please write about the bill.

 

[pratikb]

Dear nimod
I already posted the video about truth of this bill.[DOUBLEPOST=1513110401][/DOUBLEPOST]Have you seen that renuka video linked on twitter?[DOUBLEPOST=1513110521][/DOUBLEPOST]and why i say pakistani and congress,
Refer to meeting held at pakistan envoy house which was attended by our esteemed previous prime minister and other congress dignitories.
This happened last week.[DOUBLEPOST=1513110618][/DOUBLEPOST]You need to read with open eyes and not like gandhiji’s three monkey’s[DOUBLEPOST=1513110794][/DOUBLEPOST]All data is their in open source.

 

[pratikb]

http://www.hindustantimes.com/analy...our-consent/story-TBf5QuI4eczXx8E2EhwhKN.html[DOUBLEPOST=1513112577][/DOUBLEPOST]

I think this is not a "real" person. Rather a "newly internet enabled" person. Moron does not even edit. Is he having fits when he type?

If you are talking about my post,i am typing them off my mobile while working on critical cases and about me being newly internet enabled. I have been internet user since 2000.[DOUBLEPOST=1513113164][/DOUBLEPOST]And not armchair generals like you guys

 

[Lord Nemesis]

I already posted the video about truth of this bill.[DOUBLEPOST=1513110401][/DOUBLEPOST]Have you seen that renuka video linked on twitter?[DOUBLEPOST=1513110521][/DOUBLEPOST]and why i say pakistani and congress,

So you would rather rely on a propaganda video over reading the actual bill document that is available on the govt website?

Are you educated? Do you understand English? I hope so, given that you can type in English broken as it may be.

Try reading the document. Anybody with an IQ better than a monkey should be able to easily understand whats written in it. You don't need to read all of it, just try reading section 29 and section 52.

If you still cannot understand it, then you just proved my point and you have my sympathies. FYI, nobody else here is blind enough to not see congress antics for what they are.

 

[Lord Nemesis]

Here is an example direct from the horse's mouth. This is exactly how they operate. Former Deputy CM of Karnataka during BJP govt instructing cadets to lie and bluff to the people and it will work because there are enough genetically stupid people ready to believe them without verification.

http://indianexpress.com/article/in...bjp-leader-k-s-eshwarappa-to-workers-4980165/

BJP is also very desperate these days and is trying to create trouble either by artificially inciting communal tensions or other violence (nothing new for them). Some guy created a tally of the key words in Modi's speeches lately, "vikas" is rarely used. Its all "Hindu", "Muslim", "Pakistan" etc.
They wouldn't back way from staging violent attacks, brutal murders of Hindus or Muslims to flare up tensions for political advantage.[DOUBLEPOST=1513151764][/DOUBLEPOST]More examples of how fake news and propaganda is used.

https://www.altnews.in/shankhnaad-alt-news-expose-communal-rabble-rouser-leading-peddler-fake-news/

https://www.altnews.in/pm-modi-travel-first-ever-seaplane-india-no/

 

[vivek.krishnan]

I can only say that you guys should vote for NOTA during election time. As of now, even with all these, the BJP is still a better option than Congress.

 

[pratikb]

So called intellect on indian forums.

for your kind information,I am practising critical care specialist for last 9 yrs and not some low level retard as you think.
Behave yourself.[DOUBLEPOST=1513168049][/DOUBLEPOST]

I can only say that you guys should vote for NOTA during election time. As of now, even with all these, the BJP is still a better option than Congress.

This is the truth as said by vivek.


Alt news founder and his antics are well known.

Rather i am wasting my precious time behind blind congress lovers like so called lord nemesis.

Do thorough research on given discussion topic before calling someone retard.[DOUBLEPOST=1513168108][/DOUBLEPOST]And you guys fail to see long term big picture and nothing will change for your blind bhakti of congress.[DOUBLEPOST=1513168247][/DOUBLEPOST]And I know my money would be secure in any govt bank.
I have full faith in indian banking system.

It has never failed like lehman crisis and current set of rbi admin and its methods are more than capable to do the needful when time may come.[DOUBLEPOST=1513168351][/DOUBLEPOST]All the corrupt and bankrupt companies are put up on sale.

If this was congress time,congress would have cut some deal with these corporates and given some bail out package.

Nothing like that happened.

To give just one sector example.
Rcom is on firesale.
So is aircel maxis.

So open your eyes and see whats happening before lamenting.[DOUBLEPOST=1513168491][/DOUBLEPOST]Your great congress govt screwed air india with merger with indian airlines and then gave bailout package.

Whats the end result ?

Air india is still screwed up more badly. Thanks to praful patel decision to not let them buy airbus a320 neo airplanes.

See who is running indigo and how its found.


Enough time wasted to show you some sunlight.[DOUBLEPOST=1513168568][/DOUBLEPOST]And also see how modi is managing air india issue.

What he is doing is strategically smart decision.

Same way tata came out of loss making consumer mobility.[DOUBLEPOST=1513168674][/DOUBLEPOST]Can you show me one incidence where bjp started communal clash in this election ?

In fact great rahul gandhi khan your saviour ,brought pakistani guy to do his prachar in gujrat.

Find who is nizami fellow ?[DOUBLEPOST=1513169498][/DOUBLEPOST]You lord nemesis have no right to talk about my education. You cant even come to 1% close to what skillset I have as critical care physician.
So think before you talk.[DOUBLEPOST=1513169633][/DOUBLEPOST]Try to preserve your job in wave of automation and artificial intelligence.

My job or task at hand is secure till I breath my last.

Thats may not be the case with you.

 

[Lord Nemesis]

So called intellect on indian forums.

for your kind information,I am practising critical care specialist for last 9 yrs and not some low level retard as you think.

If you had at least read the bill document, understood it and argued based on it, I would have given you credit.

But now you telling me that you have a medical degree...despite being so incompetent as to be unable to read and understand a simple document by yourself even after being pointed out the link and sections to read and would rather rely on some propaganda video and blindly arguing based on that? I am supposed to believe that you read medical books and understood them with that level of competence (or lack of)? I sincerely hope for for everyone's sake that you are bluffing.

I know that doctors can be a lot of things. A few are professionally incompetent and others negligent, most of them money minded and tax evaders. but still, incompetence to such an extent that they would not be able to read and understand a simple document is not something I would expect from somebody with a medical degree. I would like to believe that the medical field is at least marginally better than the present state of engineering field where most of the graduates were found to be incompetent for any sort of employment.

So, are you really a doctor or just bluffing ?

Rather i am wasting my precious time behind blind congress lovers like so called lord nemesis.

Go ahead, you might as well throw in your "Pakistani conspiracy" bit in there if it satisfies you.

Just for the record, my stance is clear, all politicians are meant to be servants of the people. Congress is corrupt and incompetent, but so is BJP and even more so. Its just you who says that BJP is so clean that you can keep licking their butt all day.

I want honest and competent people to be be in govt, not the corrupt, criminal and incompetent rabble that make up all political parties today. But people like you insist on having this sort of rabble only as that is whom you can easily relate with. Any honest people are nipped in the bud or forced to become dirty just like the rest.


As for the bill, the point is not whether BJP will abuse it or not and what they say they will do. That is inconsequential. Nothing changes the fact that its written in such open ended manner that it can be used to to everything that is being claimed. Even if for a moment you assume that BJP is the "pinnacle of honesty", what happens if congress comes back into power and wants to abuse it. This is why bills giving wide powers should not be allowed to go through.[/QUOTE]

 

[m-jeri]

critical care physician.

preserve job in wave of automation and artificial intelligence.

job or task at hand is secure till I breath my last.

Hehehehe. Get back on this a decade from now.

 

[Lord Nemesis]

All I got to say is you guys have no right to question my competence.
I am yet to get single enquiry or any mortality meeting review with fault in my name.

Let me explain the reasons.

You were pointed to the actual FRDI bill document which is what is at the center of the whole fiasco. There is no better source for the information than the actual bill document itself and you can download and read it. But you are either incapable of reading it or refusing to read it (both equally bad) and instead want everyone to watch some random propaganda video and not believe the original document. Even the propaganda poster that was being spread around and also posted here said nothing to the contrary from the bill document. Your attitude was the same when I asked you to look at EC website for affidavits of politicians which shows a glimpse of their corrupt and criminal ways. But you refused and just blabbered and blabbered about how modi and his cabinet of criminals are selfless.

In the whole process, you refused to read the original sources of information and instead made wild delusional allegations about congress and some Pakistani plots. Everyone knows that congress is corrupt, but its stupid to trust that BJP and that is despite the overwhelming evidence.

So now, assuming you are really a practicing doctor, let me ask you on what basis I should believe that you would that you would take time to read a patients medical history, test reports or even listen to a patient before making your assumptions and refusing to budge from it?

When I make a mistake at work, at its worst, it would cost my company time and money, a few millions may be. When a doctor makes a mistake, it costs people their lives.
Explain to me on what basis should I trust a doctor to be competent if he refuses to even read the original sources of information given to him and would rather rely on heresy from some incompetent source?
If you are ready to trust whatever is said by some BJP politicians, why should I believe that the influence won't extend to your profession as well? BJP politicians after all think themselves qualified enough to talk on medical and scientific matters.


As far as the FRDI bill is concerned, do you realize, that congress would have happily voted to pass this bill? Its only when some people picked up on it and started a petition that congress saw it as an opportunity for scoring some political brownie points. There is nothing in it that would be disadvantageous for them. It would not be the first time either. After 2014 elections, both BJP and congress landed in trouble for using foreign fund sources for campaigning which was illegal as per FCRA Act and there were cases against both in supreme court. After BJP came into power, they retrospectively amended the FCRA act to make it alright to them and congress supported them and both got the cases against them thrown out.

This is why I say it is incredibly stupid to support politicians.They are meant to be our servants and they should only be given enough authority to do what we want and not do as they please.You don't give them the keys to your money locker and your credit cards and let them do as they please and you don't pamper them. That's a recipe for disaster. This is always people vs govt (politicians), not BJP vs Congress. If you are on the side of a political party (doesn't matter which), then you are no longer on the side of the people.

 

[logistopath]

Dear members of the forum, please keep the discussion civil. You cannot win an argument by calling names and attacking personally. If it continues happening, we would have no option other than to lock this thread, and banning all political discussions in the forum.

Please don't let the mistakes of a few, affect the entire forum.

 

[vivek.krishnan]

@logistopath Sadly, its never going to happen. We have all sides to blame - especially overzealous bhakts, from all three sides - BJP, Congress and AAP - especially the latter. Each believes their party and leaders are incapable of f***ing up.