{"id":136691,"date":"2017-06-16T10:32:34","date_gmt":"2017-06-16T05:02:34","guid":{"rendered":"http:\/\/www.scconline.com\/blog\/?p=136691"},"modified":"2018-04-27T11:05:21","modified_gmt":"2018-04-27T05:35:21","slug":"cabinet-approves-proposal-to-introduce-the-financial-resolution-and-deposit-insurance-bill-2017","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2017\/06\/16\/cabinet-approves-proposal-to-introduce-the-financial-resolution-and-deposit-insurance-bill-2017\/","title":{"rendered":"Cabinet approves proposal to introduce the Financial Resolution and Deposit Insurance Bill 2017"},"content":{"rendered":"<div id=\"ministry\" class=\"mddiv\" style=\"text-align: justify;\">The Union Cabinet has approved the proposal to introduce a Financial Resolution and Deposit Insurance Bill, 2017. The Bill would provide for a comprehensive resolution framework for specified financial sector entities to deal with bankruptcy situation in banks, insurance companies and financial sector entities.<\/div>\n<div class=\"contentdiv\">\n<div style=\"text-align: justify;\">\n<p>The Financial Resolution and Deposit Insurance, Bill 2017 when enacted, will pave the way for setting up of the Resolution Corporation. It would lead to repeal or amendment of resolution-related provisions in sectoral Acts as listed in Schedules of the Bill. It will also result in the repealing of the Deposit Insurance and Credit Guarantee Corporation Act, 1961 to transfer the deposit insurance powers and responsibilities to the Resolution Corporation.\u00a0The Resolution Corporation would protect the stability and resilience of the financial system; protecting the consumers of covered obligations up to a reasonable limit; and protecting public funds, to the extent possible.<\/p>\n<p>The Government has recently enacted the Insolvency and Bankruptcy Code, 2016 (&#8220;Code&#8221;) for the insolvency resolution of non- financial entities. The proposed Bill complements the Code by providing a resolution framework for the financial sector. Once implemented, this Bill together with the Code will provide a comprehensive resolution framework for the economy.<\/p>\n<p>The Financial Resolution and Deposit Insurance Bill, 2017 seeks to give comfort to the consumers of financial service providers in financial distress. It also aims to inculcate discipline among financial service providers in the event of financial crises by limiting the use of public money to bail out distressed entities. It would help in maintaining financial stability in the economy by ensuring adequate preventive measures, while at the same time providing the necessary instruments for dealing with an event of crisis. The Bill aims to strengthen and streamline the current framework of deposit insurance for the benefit of a large number of retail depositors. Further, this Bill seeks to decrease the time and costs involved in resolving distressed financial entities.<\/p>\n<p style=\"text-align: right;\">Cabinet<\/p>\n<\/div>\n<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Union Cabinet has approved the proposal to introduce a Financial Resolution and Deposit Insurance Bill, 2017. The Bill would provide for <\/p>\n","protected":false},"author":91,"featured_media":28141,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[29535,4],"tags":[],"class_list":["post-136691","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cabinet_decisions","category-legislationupdates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Cabinet approves proposal to introduce the Financial Resolution and Deposit Insurance Bill 2017 | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2017\/06\/16\/cabinet-approves-proposal-to-introduce-the-financial-resolution-and-deposit-insurance-bill-2017\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cabinet approves proposal to introduce the Financial Resolution and Deposit Insurance Bill 2017\" \/>\n<meta property=\"og:description\" content=\"The Union Cabinet has approved the proposal to introduce a Financial Resolution and Deposit Insurance Bill, 2017. The Bill would provide for\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.scconline.com\/blog\/post\/2017\/06\/16\/cabinet-approves-proposal-to-introduce-the-financial-resolution-and-deposit-insurance-bill-2017\/\" \/>\n<meta property=\"og:site_name\" content=\"SCC Times\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/scc.online\/\" \/>\n<meta property=\"article:published_time\" content=\"2017-06-16T05:02:34+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2018-04-27T05:35:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1330\" \/>\n\t<meta property=\"og:image:height\" content=\"887\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Saba\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta 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of the Financial Resolution and Deposit Insurance Bill &#151;A Need of the Hour","author":"Bhumika Indulia","date":"November 4, 2022","format":false,"excerpt":"by Aditya Kaushik*","rel":"","context":"In &quot;Op Eds&quot;","block_context":{"text":"Op Eds","link":"https:\/\/www.scconline.com\/blog\/post\/category\/op-ed\/legal-analysis\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/11\/MicrosoftTeams-image-208-1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/11\/MicrosoftTeams-image-208-1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/11\/MicrosoftTeams-image-208-1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/11\/MicrosoftTeams-image-208-1.jpg?resize=700%2C400&ssl=1 2x, 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A comprehensive Code on Resolution\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":80411,"url":"https:\/\/www.scconline.com\/blog\/post\/2016\/10\/21\/date-for-seeking-comments-on-draft-financial-resolution-and-deposit-insurance-bill-extended-till-31st-oct-2016\/","url_meta":{"origin":136691,"position":2},"title":"Date for seeking comments on Draft Financial Resolution and Deposit Insurance Bill extended till 31st Oct., 2016","author":"Saba","date":"October 21, 2016","format":false,"excerpt":"The Government of India had invited stakeholder\/public comments on the Draft Financial Resolution and Deposit Insurance (FRDI) Bill, 2016 from 28.9.2016 to 14.10.2016.\u00a0A Committee was set up pursuant to the Budget Announcement of 2016-17 on framing a draft code on resolution of financial firms. A copy each of the Report\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":191324,"url":"https:\/\/www.scconline.com\/blog\/post\/2018\/02\/21\/cabinet-approves-new-bill-ban-unregulated-deposit-schemes-chit-funds-amendment-bill-2018\/","url_meta":{"origin":136691,"position":3},"title":"Cabinet approves new Bill to Ban Unregulated Deposit Schemes and the Chit Funds (Amendment) Bill, 2018","author":"Saba","date":"February 21, 2018","format":false,"excerpt":"In a major policy initiative to protect the savings of the investors, the Union Cabinet has given its approval to introduce the following Bills in Parliament: (a) Banning of Unregulated Deposit Schemes Bill, 2018 (b) Chit Funds (Amendment) Bill, 2018 The Banning of Unregulated Deposit Schemes Bill, 2018 The Union\u2026","rel":"","context":"In &quot;Cabinet Decisions&quot;","block_context":{"text":"Cabinet Decisions","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/cabinet_decisions\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":104171,"url":"https:\/\/www.scconline.com\/blog\/post\/2017\/02\/05\/high-net-worth-nbfcs-can-now-participate-in-ipos-at-par-with-banks-and-insurance-companies\/","url_meta":{"origin":136691,"position":4},"title":"High net worth NBFCs can now participate in IPOs at par with Banks and Insurance Companies","author":"Saba","date":"February 5, 2017","format":false,"excerpt":"While presenting the General Budget 2017-18 in Lok Sabha, the Union Finance Minister, Shri Arun Jaitley proposed that the Foreign Investment Promotion Board (FIPB) will be phased-out in the next fiscal. Expressing concern over dubious deposit schemes, Shri Jaitley said that a Bill will soon be tabled in Parliament to\u2026","rel":"","context":"In &quot;Hot Off The Press&quot;","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":186634,"url":"https:\/\/www.scconline.com\/blog\/post\/2018\/02\/08\/cabinet-approves-insolvency-bankruptcy-code-amendment-bill-2017\/","url_meta":{"origin":136691,"position":5},"title":"Cabinet approves Insolvency and Bankruptcy Code (Amendment) Bill, 2017","author":"Saba","date":"February 8, 2018","format":false,"excerpt":"The Union Cabinet has given ex-post facto approval to the modifications carried out in the replacement Bill, which replaced the Insolvency and Bankruptcy Code (Amendment) Bill 2017, and which has been passed by Parliament as the Insolvency and Bankruptcy Code (Amendment) Act, 2018. 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