Social media is buzzing with a message that says that the government is proposing a bill by which if a bank, if in financial difficulties, can ask depositors to take a hit. This official sounding message, which is setting Twitter and WhatsApp on fire goes on to state that the Finance Ministry has got a bill approved by the Cabinet called "The Financial Resolution and Deposit Insurance (FRDI) Bill, 2017" and this has now been referred to a Joint Parliamentary Committee before getting it passed in the Parliament.

The messages go on, Your savings account balance of R15 lakh, can be reduced to R1 lakh, which is mandatory by law. Or they can convert your savings account balance of R15 lakh to a Fixed Deposit (FD), repayable after 5 years, giving you of 5 per cent annual interest. In a nutshell, they are now trying to shift the responsibility of rescuing the "sinking banks" from the government to the Suppliers and Depositors of the Bank.