Kolkata, Dec 22 (PTI) The Trinamool Congress (TMC) today took out a rally at Jadavpur in the southern part of the city to protest against the proposed FRDI Bill.

People will lose their lifelong deposits if this bill is passed, TMC MP and the nephew of Chief Minister Mamata Banerjee, Abhishek Banerjee, said.

“We had opposed anti-people policies like demonetisation and GST. We will oppose FRDI too. There is no difference between BJP leaders and chit fund owner Sudipta Sen. He robbed public of their savings through chit funds and the BJP leaders will loot the common people in name of FRDI bill,” he said.

The Financial Resolution and Deposit Insurance (FRDI) Bill proposes to create a framework for overseeing financial institutions such as banks, insurance companies, non-banking financial services (NBFC) companies and stock exchanges in case of insolvency.

Terming the BJP as the “Bharatiya Janjal (garbage) Party”, the Lok Sabha MP said the TMC is not afraid of vendetta politics pursued by saffron party.

The poll verdict in Gujarat has shown that the days of the BJP are numbered, he said while addressing the rally.

“The Gujarat poll results indicate that the saffron party will lose the 2019 Lok Sabha elections. The BJP registered its worst performance in Gujarat in the past 22 years,” he added.

The rally that started from Jadavpur bus stand ended at Hazra crossing, near the chief minister’s residence.

Chief minister Mamata Banerjee had written to Union Finance Minister Arun Jaitley last week, urging immediate withdrawal of the FRDI Bill to save people from “financial ruin”.

The FRDI Bill will completely shatter the age-old faith and the trust reposed by the people in the banking system of the country, she said in the letter.

This is published unedited from the PTI feed.