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. Sent from my iPhone The list has now migrated to www.accessindia.inclusivehabitat.in You should now post to the id: a...@accessindia.inclusivehabitat.in Search for old postings at: http://www.mail-archive.com/accessindia@accessindia.org.in/ To unsubscribe send a message to accessindia-requ...@accessindia.org.in with the subject unsubscribe. To change your subscription to digest mode or make any other changes, please visit the list home page at http://accessindia.org.in/mailman/listinfo/accessindia_accessindia.org.in Disclaimer: 1. Contents of the mails, factual, or otherwise, reflect the thinking of the person sending the mail and AI in no way relates itself to its veracity; 2. AI cannot be held liable for any commission/omission based on the mails sent through this mailing list..