Financial Resolution and Deposit Insurance Bill, 2017 is the new bomb that may be dropped on commoners by the Modi government. In June 2017, the Central government approved the FRDI Bill which is intended to frame new rules for banks that are failing. According to the Bill, if a bank is failing, may be allowed to use depositors' money to stay afloat. That, some say, will give government banks, private banks and insurance agencies more power over your money. When you deposit money in a bank or invest in fixed deposits, you trust the bank with keeping your money safe, forever.

Source: India Today December 05, 2017 09:45 UTC