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ARTICLE · 24 AUGUST 2017

Financial Resolution And Deposit Insurance Bill 2017: Resolution Framework For The Financial Sector Entities

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The Union Cabinet, in its meeting held in the month of June 2017, has approved19 the Financial Resolution and Deposit Insurance Bill, 2017...

IndiaFinance and Banking
Kumar Deep
Kumar Deep
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Introduction

The Union Cabinet, in its meeting held in the month of June 2017, has approved1 the Financial Resolution and Deposit Insurance Bill, 2017 ("FRDI Bill") to be introduced in the Parliament. The FRDI Bill is a separate bankruptcy law to deal with insolvency and bankruptcy in financial sector companies covering all financial service providers including banks, NBFCs, microfinance institutions and insurance companies.

This Bill is similar to the Insolvency and Bankruptcy Code, 2016, which was enacted in 2016 to deal with the issues relating to insolvency and bankruptcy of companies in all sectors other than financial sectors. Therefore, in order to deal with the situation of insolvency and bankruptcy in financial sectors entities such as banks and insurance companies, the FRDI Bill has been introduced.

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