Leaders
Plan your actions beyond individuals.
Dear Comrades,
Union cabinet headed by the PM Narendra Modi has passed the Financiald
Resolution and Deposit Insurance (FRDI) Bill on 14-June-2107. This is not just
another law.
Thie FRDI Bill, if passed by the Parliament.Then the following things will
happen.
1. DICGC will be abolished
2. A Corporate body called 'Resolution Corporation' will replace DICGC
3. Salary and Remuneration of Bankers will be reduced as per Sec 44 (3-c)
4. On Merger or Amalgamation of Banks, Workmen employees will be sent home as
per Sec 49 (i) and (j).
5. The Corporation Board can list any bank as unviable and Liquidate it.
(Chapter 14)
6. All the Employees will be sent home without any notice on Liquidation of
banks.(Chapter 14)
7. No Court can question the action of liquidation and the Board will become
all powerful. Sec 64
8. Depositors will not get 1 Lac as assured by DICGC. But only a part payment
of the minimum amount decided by the Board.
9. Assets of the Banks can be sold to any person at the discretion of the
Board. Sec (65)
I have mentioned just 9 points but the bill run for 147 pages. From this anyone
can imagine the draconian nature of the Law. After presidential election all
the process will be smoothly executed.
Comrades, Dont you understand your energy is diverted towards Wage Revision
Talks with a toothless body called IBA?
Please dont waste your energy with Bipartite now.
Put the Condition " Scrap the FDRI Bill and Insolvency Bill" before any talks.
Immediately form a legal team of UFBU to study these bills.
Send the Memorandum to all the Members of Parliament.(Official email List I can
provide)
If needed go for All India Strike.
Any new bill/policy introduced by this Govt against Bankers should be studied,
discussed and opposed strongly by Trade Unions but unfortunately the support
rendered by the members and leaders to any efforts made by handful of leaders
is also not to the mark. But on the other hand the Govt, RBI and BBB are
studying the pulse and feeble response of majority of Leaders and Unions to
such policies/announcements and moving even harder than before.
Comrades, If any of you feel that it is not possible to stop this bill then
kindly give the responsibility of leadership to someone who is positive and
vibrant enough to work hard to save our nation.
We are in 'Do or Die' situation now.
Please 'DO' We cadres are ready...
Comradely,
Sivakumar Duraipandy.
Im attaching a Press statement made by Com.C.P.Krishnan
27.06.2017
Press Statement issued by T.Thamilarasu and C P Krishnan opposing FRDI Bill,
2017
On 14th June 2017, “The Cabinet, chaired by Prime Minister NarendraModi,
approved the proposal to introduce the Financial Resolution and Deposit
Insurance (FRDI) Bill, 2017. The bill will pave the way for set up of Financial
Resolution Corporation to deal with the bankruptcy of the Banks, Insurance
Companies and Financial Entities” according to the media reports.
Accordingly the Public Sector Banks (PSBs) including State Bank of India (SBI),
Insurance Companies including Life Insurance Corporation of India(LIC),
Regional Rural Banks (RRBs) and Co-operative Banks face the threat of
closure/liquidation, if they are classified as having material risk to
viabilityin the judgement of theBoard of the Resolution Corporation.Bank
Employees Federation of India strongly deplores the move of the Central
Government to introduce this bill and urges the Government to withdraw its
proposal.
It is to be reiterated that these public sector financial institutions have
been created to serve the ordinary masses besides marginalized and
under-privileged sections of the people.
Out of the total Non-Performing Assets (NPAs) 88.4% is the creation of the
large borrowers with the loan exposure of Rs.5 crores and above. On top of it,
12 large borrowers constitute 25% of the NPAs.
According to the Economic Times dated 26.06.2017, RBI told banks to set aside
at least 50% of the loan amount as likely losses for all cases referred to the
insolvency process; the regulator also said that provisioning should be 100%
for those cases that don’t get resolved in the initial mandatory period for
loan restructuring and instead are forced into liquidation.
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