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ARTICLE · 10 OCTOBER 2016

The Financial Resolution And Deposit Insurance Bill, 2016

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The committee set up to draft a Code on Resolution of Financial Firms, by the Ministry of Finance, Government of India, on September 28, 2016, released a draft bill – The Financial Resolution and Deposit Insurance Bill, 2016...

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The committee set up to draft a Code on Resolution of Financial Firms ("Committee"), by the Ministry of Finance, Government of India, on September 28, 2016, released a draft bill – The Financial Resolution and Deposit Insurance Bill, 2016 (the "Draft Bill"), seeking comments from the public. The Draft Bill inter alia proposes to (a) provide speedy and efficient resolution of financial firms in distress, (b) establish a resolution corporation, (c) deposit insurance to consumers of certain categories of financial services, etc. While the Insolvency and Bankruptcy Code, 2016 provides for resolution and liquidation of non-financial firms, the Draft Bill proposes to establish a similar special resolution regime to deal with insolvency issues of banks, insurance firms, and other financial sector entities.

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