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| - Fact Check: Misleading claim on controversial FRDI Bill goes viral with old video
India Today Anti Fake News War Room (AFWA) has found that the Bill had been withdrawn by the government in 2018. The video uploaded in the viral post is from 2017.
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India Today Fact Check
The Bill was introduced in Parliament in 2017 and withdrawn in 2018.
Is the Centre reintroducing the controversial Financial Resolution and Deposit Insurance (FRDI) Bill 2017 in Parliament? A few social media users would certainly have one believe so.
The contentious Bill, introduced in 2017, had a 'bail-in' clause for resolution of bank failure which had led to fears that customer deposits could be used to bail out a failing bank.
India Today Anti Fake News War Room (AFWA) has found that the Bill had been withdrawn by the government in 2018. The video uploaded in the viral post is from 2017.
Facebook page 'Chakiya Express' uploaded a video on September 29 and said, "Careful, you keep arguing over Hindus and Muslims; the bank will seize all the money in your accounts."
The video claimed that the Bill is being silently introduced by Prime Minister Narendra Modi who will "run away" with all the money of depositors. It claims that in case big businessmen, who are "friends" of PM Modi, default and do not return the loans that they have taken, then all the money of depositors will be seized to bail out the bank.
According to the video, the Bill is before the joint committee of Parliament and will be introduced in the winter session. Till the filing of this story, this video has been viewed more than 2,46,000 times and shared by over 14,000 users. The archived version of the post can be seen here.
AFWA has found that the Bill had been introduced in the Parliament on August 10, 2017. However, after protests, the government withdrew the Bill in 2018. The Lok Sabha website does show its status as "withdrawn". AFWA searched the Lok Sabha website for reintroduction of the FRDI Bill but did not find any result.
The FRDI Bill had proposed to create a framework for overseeing financial institutions such as banks, insurance companies, non-banking financial companies (NBFCs) and stock exchanges in case of insolvency. The Bill was sent to the joint committee of Parliament in 2017, the details of it can be read on the Press Information Bureau website. After the uproar over depositors' money being used to bail out financial institutions, the Bill was withdrawn in 2018.
This 2.05-minute-long video went viral in 2017 as well, i.e. before the Bill was withdrawn. However, the viral post does not at any point say that this video is from 2017 or that the Bill has been withdrawn.
AFWA did not find any information about the revival of the FRDI Bill 2017 on the Internet. So clearly, the claim of the FRDI Bill being introduced in Parliament now is not true.
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