A joint parliamentary committee may invite RBI Governor Urjit Patel next month to brief its members on the crucial Financial Resolution and Deposit Insurance (FRDI) Bill 2017. The bill seeks to create a framework for resolving bankruptcy in financial firms (such as banks and insurance companies) as there is no specific law at present in India for resolution of failures of financial services providers. Bank Unions are opposed to the bill as they fear that the new authority may be given sweeping powers to dismantle and erase public sector financial institutions. The Bill was introduced in the monsoon session but was later referred to the joint committee of both the houses of Parliament, the Lok Sabha and the Rajya Sabha. The all-party parliamentary committee has to submit its report by the last day of the first week of the winter session of Parliament.
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RBI Guv to brief legislators on FRDI bill
By IndianMandarins - 2017-10-07 10:30:36
A joint parliamentary committee may invite RBI Governor Urjit Patel next month to brief its members on the crucial Financial Resolution and Deposit Insurance (FRDI) Bill 2017. The bill seeks to create a framework for resolving bankruptcy in financial firms (such as banks and insurance companies) as there is no specific law at present in India for resolution of failures of financial services providers. Bank Unions are opposed to the bill as they fear that the new authority may be given sweeping powers to dismantle and erase public sector financial institutions. The Bill was introduced in the monsoon session but was later referred to the joint committee of both the houses of Parliament, the Lok Sabha and the Rajya Sabha. The all-party parliamentary committee has to submit its report by the last day of the first week of the winter session of Parliament.
