Financial Resolution and Deposit Insurance (FRDI) Bill, 2017: India's Central government - as part of a host of banking reforms - has approved a bill in June 2017 to frame rules for failing banks, whose details on social media have left the bank depositors worried.
If the government goes ahead with this initiative, it will give Resolution Corporation a proposed rescuing body the "bail in" power of enormous proportion; bail-in - in financial lexicon - is the method of rescuing a financial institution which is on the brink of failure by making its creditors and depositors take a loss on their share holdings/deposits. It is the opposite of "bail out" whose act of rescue is done by external parties such as the governments. Generally, bail-outs have been more common than bail-ins.
For instance, your savings account balance of Rs 15 lakh can be reduced to Rs 1 lakh, the maximum covered by the 1961 deposit insurance law. Crytocurrencies are safer than the fiat perhaps?
REFERENCES
http://www.asianage.com/360-degree/031217/banks-can-wipe-out-your-money.html