Parliamentary panel to study financial resolution bill -Governance Now

Parliamentary panel to study financial resolution bill

The proposed legislation together with the Insolvency and Bankruptcy Code, 2016 is expected to provide a comprehensive resolution mechanism

GN Bureau | September 8, 2017

#Parliament #legislation #Bankruptcy code

The Financial Resolution and Deposit Insurance Bill, 2017 has been referred to a joint parliamentary committee for examination and presenting a report to the parliament.

The Bill seeks to provide for the resolution of certain categories of financial service providers in distress; the deposit insurance to consumers of certain categories of financial services; designation of systemically important financial institutions; and establishment of a Resolution Corporation for protection of consumers of specified service providers and of public funds for ensuring the stability and resilience of the financial system.

The proposed legislation together with the Insolvency and Bankruptcy Code, 2016 is expected to provide a comprehensive resolution mechanism for the economy.

The joint committee has decided to seek views and suggestions from various stakeholders.

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