Finance Minister Arun Jaitley says Government committed to protect interest of financial institutions, depositors

Finance Minister Arun Jaitley has said the government is committed to fully protect the interest of the financial institutions and the depositors through the proposed Financial Resolution and Deposit Insurance Bill- 2017. 

In a tweet, Mr. Jaitley said the Bill is pending before the Standing Committee of Parliament and Center is committed to the objective of this bill. His remarks came amid fears over safety of bank deposits. 

In a tweet, Economic Affairs Secretary, S C Garg said, the proposed Bill aims to protect existing rights of the depositors. He said, there is no dilution thereof and it enhances present protections in certain ways. He said, principal guarantee for public sector banks’ depositors come from government ownership will also remain completely unaffected.