FinMin working on FRDI bill, says Sitharaman

FM also welcomed the liquidity measures announced by the RBI for retail customers in general and for MSMEs and realty players in particular at the sixth monetary policy review on Thursday.

Mumbai:The Finance Ministry is working on them but not sure when it will be tabled in the house, Union minister Nirmala Sitharaman said.

The comments assume importance given the massive five-fold hike in deposit insurance and the recent changes in the insolvency laws that included insolvency solutions for financial institutions.

"We are working on the FRDI Bill; but not sure when it can get through the House," the minister said.

She also welcomed the liquidity measures announced by the RBI for retail customers in general and for MSMEs and realty players in particular at the sixth monetary policy review on Thursday.

The FRDI Bill seeks to offer a bail-in clause to banks, which many fear will be detrimental to depositors.

The budget has increased by five-folds the deposit insurance to Rs 5 lakh.

IPO will make LIC disinvestment more transparent: Nirmala Sitharaman

Finance Minister Nirmala Sitharaman on Friday said that the Centre is planning to bring an Initial public offering (IPO) for the disinvestment of the Life Insurance Corporation (LIC) of India.

"At the moment for LIC, we are looking at an IPO. An IPO will bring in retail investors into the picture and also make the issue more transparent for everybody," Sitharaman said at a press conference here.

(Inputs from ANI and PTI)