Towards a new financial resolution regime4 min read 12 Sep 2017, 11:55 PM IST
The Financial Resolution and Deposit Insurance Bill 2017, or FRDI Bill, is a positive affirmation of the lessons learned during the global financial crisis and its aftermath
A short story by Ruskin Bond presents a tragicomic scenario of how an offhand remark triggers a chain of events which lead to the near-collapse of a local bank. Nathu, the sweeper boy of Pipalnagar Bank, grumbles about his inadequate and delayed salary to a friend. This fuels rumours about the bank’s financial health which spreads across the small town thanks to the grapevine. The bank’s customers rush to withdraw all their savings from the “failing" bank, the spurt of withdrawals eventually leading to a semi-breakdown. Ironically, the next morning, Nathu, who unknowingly caused the crisis, is left cleaning shards of glass windows, the remnants of the customers’ ire.