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FRDI bill to help loan defaulters: AAP

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New Delhi, Dec 7 (IANS) The Aam Aadmi Party on Thursday attacked the proposed FRDI bill saying that through this, banks on the brink of failure can rescue themselves by making their creditors and depositors take the loss on their holdings.

Party leader Raghav Chadha told a media conference that the bailout system in which financial assistance is given to a failing business or economy by the government to save it from collapse will now be converted into bail-in and “banks will get the liberty to usurp public money to compensate for the unpaid loans taken by billionaires, unable to pay them off”.

“The government very strategically first brought the policy of Jan Dhan Yojna, then announced demonetisation, later put limits on the withdrawal size, and is now all set to introduce the Financial Resolution and Deposit Insurance (FRDI) bill,” he said.

He described the FRDI bill stands for “Fraud and Robbery to Dupe Indians”.

“This will let the bank decide on what to do with the money that belongs to the public. Because it is being brought like a law, no remedies will be available. People won’t be able to approach the courts against such moves,” he added.

He said that Section 52 of the bill provides that money from people’s accounts can either be deducted wholly or there can be a reduction in it, or the depositor would not be allowed to wthdraw it for 20 years.

“This law is being introduced to compensate for the loans taken by people like Vijay Malya,” he said.

Another party leader Saurabh Bhardwaj said: “Money from the Common man’s bank account will be debited for the pleasure, leisure and bank loan bailouts of the cronies.”

“While, the common man will just get a simple mobile notification of his loss.”

The FRDI Bill, 2017 introduced in the Lok Sabha on August 10, 2017, is at present under the consideration of the joint committee of the Parliament. The committee is consulting all the stakeholders on the provisions of the FRDI Bill.

According to a statement released by the government, “the provisions contained in the FRDI Bill, do not modify present protections to the depositors adversely at all. They provide rather additional protections to the depositors in a more transparent manner.”

–IANS
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Foodman Vishal Singh Honored for Hunger Free World Mission in Bangkok

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Lucknow: Vishal Singh, a renowned social worker from Lucknow, also known as Foodman, has once again made India proud. He was honored by the Happy Hands Gloves Cooperative Limited Company in Korathai, Thailand, for his work with the Hunger Free World Mission.

The Hunger Free World Mission’s meeting was held in Korathai, Thailand, under Vishal Singh’s leadership. Representatives from several countries, including Mr. Raja Dwivedi (Managing Director of Happy Hands Gloves Limited), Thailand Coordinator Mr. Raja Mishra, and member Mr. Varun Singh, attended the event.

Under Vishal Singh’s leadership, the attendees took a pledge to work together toward creating a hunger-free world.

Speaking on the occasion, Vishal Singh explained that the main goal of the Hunger Free World Mission is social participation. He said the mission is not just about feeding people but also about meeting other basic needs of those who are struggling. The mission focuses on helping families of terminally ill patients in hospitals by providing food and shelter. It also works to fulfill essential needs like education, jobs, and care for the elderly.

For the last 16 years, the Vijay Sri Foundation has been providing free services, benefiting thousands of people. Vishal Singh highlighted that the mission aims to gain global recognition like other organizations such as WHO, WWF, and Red Cross, which work for social causes.

During this meeting, Vishal Singh was appointed as the Chairman of the Hunger Free World Mission by representatives from various countries. They also discussed holding regular meetings in different countries to push the mission forward.

Business tycoon Dr. Abhishek Verma has also supported this humanitarian mission, vowing to promote the idea of “Seva Parmo Dharma” (Service is the highest duty) worldwide. Vishal Singh praised him, stating that people like Dr .Abhishek Verma inspire others to work for the betterment of society.

Recently, Romania’s Ambassador, Mr . Daniela Sezonov Ţane, invited Vishal Singh to the Romanian Embassy in Delhi, where they discussed the mission in detail. Impressed by his humanitarian work, she honored Vishal Singh and invited him to Romania to take the mission forward .

Food man Vishal Singh has been serving the people of India for the past 16 years. Through the Vijay Sri Foundation, he provides free meals to cancer patients & their families ,shelter, and education for women & children along with running free old-age homes in Lucknow.

In addition to his humanitarian work, Vishal Singh also addresses issues like crime and corruption through his role as Chairman of Seva Path Media and Managing Director of Vijay Sri Foundation.

During the COVID-19 pandemic, Vishal Singh and his team worked tirelessly to provide food and help to the needy, including starving children, elderly citizens, and pregnant women. Despite contracting the virus himself, he continued to assist others after his recovery. He even created a life-saving oxygen regulator using household items, which was praised by doctors both in India and abroad.

In his address at the meeting, Vishal Singh spoke about his mission to create a hunger-free world. He pointed out that India’s large population, along with issues like unemployment and poverty, has caused the country to fall on the Hunger Index. He urged people to contribute just one handful of grains daily to help create a hunger-free world.

He concluded by saying that through social participation, we can empower the people around us, meet their basic needs, and work together to build a stronger, more prosperous, and developed society.

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