Financial institution's economic health is the core of the act, that is being considered by the parliamentary standing committee
Union Finance Minister Arun Jaitley threw light on a likely finance regulation bill at BJP's media centre in Ahmedabad on Saturday. He said that the bill aimed at giving more strength to people's deposits in financial institutions.
Jaitley said, "For the past few days, a controversy has been raised by some people through social media that the standing committee of Parliament was mulling to form an act on economic health of a financial institution. I would like to make it clear that there was not any act or law in the nation which deals with it. Naturally, the government will consider, if any act or law is to be formed and what parliamentary committee suggests on that."
"Financial institution's economic health is the core of the act, that is being considered by the parliamentary standing committee.
The depositors in banks and financial institutions have very limited protection in the conventional system that has been running for 70 years in this nation. There is an insurance cover of Rs 1 lakh only against the deposits of people, in whatever amount it is deposited. The government's idea is to give strength to this protection and the existing situation in this context does not suffice the demand," Jaitley added.
When elections are going on in Gujarat, the issue had become a serious concern for the people as most people deposit their money and savings with the banking and financial sectors. The campaign on social media which has been running with the messages of adverse impact of the act, could have a great effect over the psyche of Gujarati voters, and the finance minister made this statement on this juncture.
"The campaign is totally wrong. The government wishes to make protection covers to the deposit stronger and improvise them. The government will think about that and is committed to enhance the protection of the deposits of common people in financial institutions across the nation," the finance minister added.
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 "Arun Jaitley")
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