Demystifying the FRDI bill - TransformingIndia · cation due to the better relative government...

Demystifying the FRDI billThe performance of financial institutions has wide ranging economic ramifications affecting the financial stability of a country. Therefore, it is important to resolve financial institutions under stress with utmost priority through a specialised process. At present, there is no specific law for the resolution process of failing financial service providers - banks, non-banks and insurance firms. The Insolvency and Bankruptcy Code, 2016 reformed the framework for bankruptcy and insolvency, but it does not cover these financial institutions.

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Dial 1922 to givesugestions forMANN KI BAAT

The FRDI Bill aims to fill this void by having the correct redress mechanism in place and to make it easier for the RBI to ensure depositors’ interests are protected.

SPECIALFOCUS

Establishes a “Resolution Corporation” which can manage financial institutions in a coherent manner and save them from bankruptcy.

Corporation will identify early warning signs of distress at financial institutions by classifying them on the basis of risk as low, moderate, material, imminent and critical.

Does not modify any present protections to depositors adversely.

Presently, each depositor of banks is protected up to a limit of Rs. 1 lakh by the guarantee of the Deposit Insurance and Credit Guarantee Corporation. The FRDI Bill provides a similar guarantee with the secured amount likely to be increased.

Places the rights of uninsured depositors at an elevated status compared to unsecured creditors and even Govern-ment dues.

Does not limit the scope of powers for the Government to extend financing and resolution support to banks, including public sector banks.

FEATURES


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Myths and Facts on FRDI Bill


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FACTSection 52 of the draft Bill talks about ‘bail-in’. It clearly states that the bail-in will not affect deposits covered by deposit insurance and any other secured deposits. There is also extra protection provided in the Bill for depositors - no liabilities can be cancelled unless there is a ‘provision to the effect that the parties to the contract agree to the liability being eligible for a bail-in’.

The limit of Rs. 1 lakh was set 24 years ago in 1993. The amount is outdated and once the Resolution Corporation takes over the Deposit Insurance and Credit Guarantee Corporation, the limit is likely to get an upward revision.

FACT

The ‘bail-in’ clause in the Bill ensures that the depositors’ money will be used to rescue failing financial institutions.

MYTH

MYTHPresently, each depositor of banks is protected up to a limit of Rs. 1 lakh by the guarantee of the Deposit Insurance and Credit Guarantee Corporation. This won’t be the case with the FRDI Bill in place.

The Bill does not state anything about loans being provided to businesses. It only talks about financial institutions.

FACT

MYTHThe depositors’ money can be taken and loaned out to businesses

This will only happen if the bank fails and that too only with the consent of depositors. Presently, the amount above the insured deposit is lost but the Bill makes sure that the banks still owes the depositors that amount.

FACT

MYTHThe depositors’ money in banks will be put into a Fixed Deposit and it won’t be possible to withdraw these deposits for a long time.

MYTHSVS

FACTS

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India moves into the top half of the

India is witnessing a consistent growth trajectory in various sectors , including Innovation. Recognizing the initiatives of the government, Global Innovation Index has raised India’s ranking to 60, among 127 countries. The report credits programmes such as Startup India and efficient use of technology in the agricultural sector, among many initia-tives that have facilitated India’s growth in innovation. NITI Aayog, Department of Industrial Policy & Promotion (DIPP) and Confederation of Indian Industry (CII) together launched the “India Innovation Index” that will rank states on Innovations through country’s first online innovation index portal, another initiative that found a special men-tion in the report. While India ranks 60th overall, it is among the top 50 economies in two pillars: Market sophistication (39th) and Knowledge and technology outputs (38th).

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TOP STORIES

The report talks about an improvement in edu-cation due to the better relative government expenditure by pupil. At the indicator level, India improves in a number of areas this year, including government’s online services, e-par-ticipation, logistics performance, gross capital formation, high-tech imports, and industrial designs. India climbed to the 14th rank in the creation of global R&D companies. The report also lauds India’s proactive approach to host innovation-driven workshops such as hackathons and instituting a high-level Task Force on Innovation to suggest ways the country can improve its innovation eco-system. Apart from this, the government has been actively boosting India’s innovation potential in the form of Research parks, technology-based incubators. With similar initiatives, it is certain that India’ growth in the Innovation sector will see a further boom.

SIGNIFICANT GROWTH IN OTHER SUB-PILLARS

India Rank

Institutions

Infrastructure

Business Sophistication

Technology Output

Creative Outputs

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In a move to provide networking opportunities to its business members, the 90th Annual General Meeting of FICCI was organized with the theme “Indian Businesses in a New India”. Inaugurating the event, Prime Minister Narendra Modi rendered his first address to the doyens of Indian Industry after becoming the premier.

Key takeaways from the PM’s address

Prime Minister shares his visionto revive India’s business sector

Facilitating “ease of living” has been the focus of the Government

Under MUDRA scheme, over Rs 4 lakh crore in loans given without guarantees to about 9.75 lakh youth for business

Jan Dhan Yojana was a boon for the common man where loans have been provided to 9.65 crore people

Rumors regarding FRDI are being wrongly circulated even as the Government is working towards protecting interest and rights of depositors

FICCI has a role to play in making GST more effective and the Govern-ment’s effort is to ensure that maxi-mum businesses register for GST

As a result of the reforms in various sectors, India’s rank has risen from 142 to 100, in the World Bank Ease of Doing Business rankings


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PM Narendra Modi’s visit to Mizoram and Meghalaya has given new impetus to the regions’s inclusive progress. Inaugurating various developmental projects, the visit saw a significant milestone in the history of the region.

PM Narendra Modi asserted that the vision of New India can be realized only if fruits of development reach all. The Government aims to do “Transformation by Transportation” through investment in infrastructure to change the face of the North Eastern region.

A new impetus for North-East's journey of progress

The first major central sector project to be successfully commissioned in Mizoram

First largest Hydro-power project in the state

Capable of producing 251 Million Units of electrical energy every year

The project will boost socio-economic development, eco-tourism and provide a source of assured drinking water supply

With the commissioning of this project, Mizoram becomes the third power-surplus state in the North-East

Tuirial Hydro-power Project60 MW

The Shillong-Nongstoin-Rongjeng-Tura Road The first dedicated

venture capital fundfor the North-East

Serving as an east-west corridor

Boosting economic activity, the development will directly link the important towns of Shillong and Tura

Travel time to be significantly reduced

The PM distributed cheques to young entrepreneurs under the North-East Venture Fund


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Strengthening India’s maritime prowess, Prime Minister Narendra Modi commissioned the country’s first of indigenously-built Scorpene submarine, the INS Kalvari. Named after the dreaded tiger shark, Kalvari is a conventional submarine to be inducted in over 17 years. The development marks a major milestone in Indian Navy’s submarine programme due to itssuperiority in all operational aspects.

INS KalvariSymbolic of Agility, Strength and Prowess

INDIAN NAVY

First of the six scorpene class submarines

Designed by French naval defence and energy company DCNS

It can carry 18 heavyweight torpedoes,18 Exocet Anti-Ship missile

Made with two layers of steel, making it safe from attacks

Designed with a special steel alloy to enhance its stress bearing capabilities

It has a range of 12000 kms when surfaced and 1000 kms when completely submerged

Equipped with Air Independent Propulsion

Strengthening undersea warfare capabilities

The modern and multi-dimensional Indian Navy has a supreme role to play in stimulating peace and security. As India pushes for defence indigenisation through Make in India, the skill-set accumulated during the manufacture of INS Kalvari is an asset for the country. With over 12 lakh man days to construct the submarine, the skill set that the Indian companies and engineers have obtained in the process is a treasure which will prove fruitful to the nation in times to come.

While dedicating this submarine to the nation, the Prime Minister described INS Kalvari as a prime example of Make in India. He said that the submarine is as an excellent illustration of the fast growing strategic partnership between India and France. Be it terrorism via sea, piracy, drug smuggling or illegal fishing, India is playing an important role to combat them, he added.


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INDIAN NAVY

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Ministry of Micro, Small & Medium Enterprises holds a vision for a prosperous MSME sector by promoting growth and development. Taking forward this goal, the Ministry launched a public procurement portal “MSME Sambandh” to supervise the procurement policies and to implement them all in respect to develop MSEs in India.

The portal also meets the Government’sinitiative of “Make in India” and “Ease of doing business”. In the words of the Prime Minister, MSME sector generates more employment next only to Agriculture sector.

With merely 20% investment produce almost 80% employment opportunities are given by MSME. Therefore, in a move to materialize the initiatives, the Government aims to enhance the MSME sector through this platform.

MSME Sambandh - Public Procurement Portal for MSEs


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The goal of Universal Health Coverage is to ensure affordable comprehensive health services without any financial hardships. As India embarks on an ambitious target of achieving UHC, Ministry of Health and Family Welfare launched various effective initiatives to strengthen health security in the country.

A labour room quality improvement initiative, ‘LaQshya’ which is a safe delivery mobile application for health workers was launched. The application aims to benefit those who have been managing normal

and complicated deliveries in the peripheral areas and ensures

respectful maternity care.

The Ministry also released Operational Guidelines for Obstetric High Dependency Units (HDUs) and Intensive Care Units (ICUs). Universal Health Coverage is a critical component of the new sustainable development goals. Therefore, the Government is taking concrete steps to reduce the Out of Pocket Expenditure (OOPE) and is now progressing towards comprehensive primary care.

Accelerating Universal Health Coverage in India

Increase in the budget

of Health Ministry for

2017-18 by 27.7%

Increase in devolution of finances from 32% to 42% of divisible pool - an increase estimated at Rs. 25 lakh crore


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Indian Railways increases age limit for re-engagement of retired employees

Government waives off MDR charges on digital transactionsMerchant Discount Rate (MDR) is referred to the rate charged to the merchant by a bank for providing debit and credit card services. In keeping with the push to steer India towards a digital economy,

The Union Cabinet announced to waive the MDR applicable on all debit cards, BHIM, UPI, AePS transactions up to Rs 2000. The value is set to be borne by the Government for a period of two years with effect from 1st January 2018 by reimbursing the same to the banks. As these transactions account for sizeable percentage of transaction volume, this step aims to encourage a truly digital society.

In a letter written by the Railway Board to all the general managers, the age limit of the retired employees who are looking for re-engagement has been enhanced from 62 to 65 years. This step has been initiated to further allow more such employees to render their expertise to the Indian railways. Further, the validity of the scheme has also been extended to 12th January 2019.


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www.mygov.in18


In a review meeting by the Ministry of Rural Development it was stated that the scheme has connected 82% eligible habitations in the country with all- weather roads. The comprehensive growth in the sector has been achievable because of the speedy pace of road construction and habitation connectivity over the last 3 years, reaching 130 kms per day construction in 2016-17 which is the highest recorded in the last 7 years.

The life and teachings of Dr. Ambedkar form the pivotal point around which the conceptual base for the centre is developed. The building form uses transparency, inclusiveness and symbolism to express the essence of democracy and equality.

As the Dr. Ambedkar International Centre for Socio Economic Transformation is also a part of this project, the centre will play a significant role for research on social and economic issues and would perform as a think-tank for inclusive growth and related socio-economic matters.

To provide connectivity to unconnected habitations as part of a poverty reduction strategy, Pradhan Mantri Gram Sadak Yojana was launched. The nationwide plan has been successfully ensuring sustainable management of the rural roads network.

From being one of the most influential names to be working against social discrimination, Dr BR Ambedkar has been an inspirational vision for India. Paying homage to the leader for his selfless contribution, Prime Minister Narendra Modi laid the foundation stone of Dr. Ambedkar International Centre.

The PM believes that thought-leaders and visionaries have

shaped the direction of our country at different points in time and

therefore the country is indebted to Baba Saheb, for his

contributions to nation-building.

Pradhan Mantri Gram Sadak Yojana connects 82% eligible habitations

PM Modi dedicates Dr. AmbedkarInternational Centre to the Nation

1,30,974habitations connected

under PMGSY

14,620habitations connectedthrough State Government Programmes


www.mygov.in19


1,30,974

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PM Modi at 90th AGM of FICCI

PM Modi inaugurates various development projects in North-East

PM Modi meets former President of Afghanistan Mr. Hamid Karzai , discusses strengthening bilateral ties

PM Modi reviewed relief operation and met those affected by Cyclone Ockhi

The Prime Minister delivers statement to the media at the start of the Winter Session of Parliament

Our Government has always formulated policies keeping in mind the requirements of people. It is our priority to enhance the lives of people. We are focussing on "Ease of Living".

Demystifying the FRDI bill - TransformingIndia · cation due to the better relative government...

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