National
Your money is safe in banks, says Modi on FRDI (Second Lead)
New Delhi, Dec 13 (IANS) Scotching rumours that depositors’ interest will be harmed by a new legislation, Prime Minister Narendra Modi said their money in the banks is completely safe and their interests won’t be allowed to be affected in any way.
Addressing the Ficci annual general meeting, he said rumours were being spread by some sections about provisions of the proposed Financial Regulation and Deposit Insurance (FRDI) Bill under which the depositors would suffer.
“…the government is constantly taking steps to strengthen the banking system. The interest of the banks will be secure, the interest of the customers will be secure, then the interest of the country will also be safe,” Modi said.
“In such a big role of institutions like FICCI, it is also with the right information to make the industry and people aware. Now, for the past few days rumours are being spread about the FRDI bill. The government is working to secure the interest of the customers, in order to safeguard the interests of the customers, but the news is being played in the opposite direction,” he added.
Modi was apparently referring to the raging controversy over a bail-in provision in the FRDI Bill under which banks will be allowed to forfeit major portion of deposits of account holders in case of crisis in the financial institution.
The Prime Minister said the UPA government had completely spoilt the banking system. The biggest liability passed on by the previous government was the non-performing assets (NPA), he said.
“Nowadays, the non-performing assets, the NPA-NPA attack, is the biggest liability given to this government, of economists sitting in the previous government.”
Modi said the last government had put pressure on banks and forced them to lend to influential people, which further led to NPAs.
“The people in the previous government knew, the bank knew, the industry was also aware, the market-related institutions also knew that this was going wrong. It was the biggest scam of the UPA Government. Commonwealth, 2G, coal, bigger scandal than all these. It was a kind of robbery of the public’s earning by people sitting in the government through industrialists.”
He said his government was working to create a system that was transparent and sensitive.
Talking about the Goods and Services Tax (GST), Modi said the government’s effort was to ensure that maximum businesses register for GST. “The more formal the system becomes, the more it will benefit the poor. It will enable easier availability of credit from the banks, and reduce cost of logistics, thereby enhancing competitiveness of businesses.”
Modi recalled that around the time of Ficci’s founding in 1927, Indian industry had united against the Simon Commission. He said Indian industry had joined all other sections of Indian society, in national interest, then.
He said a “similar atmosphere” existed today when people were coming forward to fulfil their responsibilities towards the nation. Modi said the hopes and aspirations of people were to rid the country of internal problems like corruption and black money.
–IANS
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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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