At present, all deposits up to Rs 1 lakh are protected under the Deposit Insurance and Credit Guarantee Corporation Act that is sought to be repealed by the bill.
Congress leaders like Anand Sharma have been posing questions based on rumours, and one should be aware about the sources trying to create unnecessary panic among bank depositors.
Addressing the Ficci annual general meeting, he said rumours were being spread by some sections about provisions of the proposed FRDI Bill.
According to AIBEA, at a time when people are already worried about their money in the banks, the government instead of assuring the people about safety has chosen to bring this FRDI Bill which deals with possible liquidation of banks.
This is the third clarification within a week by the government amid mounting criticism on the bail-in clause in the FRDI Bill.
The Finance Ministry said the provisions contained in the FRDI Bill do not modify present protections to the depositors adversely at all.
What the FRDI Bill is all about and why it has sparked fears in bank depositors.
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