Scrap FRDI Bill: CPM

Kadapa: The CPM activists staged a dharna in front of the State Bank of India (SBI), demanding the central government to scrap the Financial Resolution and Deposit Insurance (FRDI) Bill immediately as the depositors are feeling insecure of their deposits in the banks. The protesters also demanded the SBI to reduce the saving bank’s minimum account balance from Rs 3,000 to 500 in the interest of poor and middle class. 

Speaking on the occasion, the CPM town secretary A Ramamohan Rao said that customers are withdrawing deposits and not interested to open new accounts in the banks after BJP-led NDA government tried to introduce the FRDI Bill in the Parliament. CPM district committee member Dastagiri Reddy, town committee member T Sunil, Papi Reddy and others were present.