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ARTICLE · 31 JANUARY 2018

The Financial Resolution And Deposit Insurance Bill, 2017

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Comprehensive law on Resolution of Financial Firms and providing Deposit Insurance to the persons holding accounts in such institutions.

IndiaInsurance
Siddhant Maken
Siddhant Maken
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SALIENT FEA

THE ACT:

  • Comprehensive law on Resolution of Financial Firms and providing Deposit Insurance to the persons holding accounts in such institutions. It provides a specialized resolution to deal with bankruptcy situations in banks, insurance companies and financial institutions.
  • The implementation of this Act shall repeal the Deposit Insurance and Credit Guarantee Corporation Act, 1961 ("DICGC Act, 1961"), the current law governing the bankruptcy in banks and financial institutions and providing for insurance on deposits.
  • The Financial Resolution and Deposit Insurance Bill, 2017 ("Act") provides for:

SETTING UP OF THE RESOLUTION CORPORATION:

The Corporation shall include various members nominated by the Central Government and various banking and insurance companies. The corporation shall have variety of powers such as investigation, inspection, resolution, liquidation, search and seizure, etc. All such powers have certain restrictions and can

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