Govt seeks public view on Financial Resolution and Deposit Insurance Bill

New Delhi, Sept 8: The Joint Committee of Parliament has sought views and suggestions from various stakeholders and public at large on the provisions of the Financial Resolution and Deposit Insurance Bill, 2017. According to an official statement issued here today, the Bill, which seeks to provide resolution for certain categories of financial service providers in distress, has been uploaded on the Lok Sabha website. It was referred to a Joint Parliamentary Committee of both the Houses, under the Chairpersonship of Bhupender Yadav, MP for examination and presenting a Report to Parliament. The Bill seeks to deposit insurance to consumers of certain categories of financial services; design systemically important financial institutions; establish a Resolution Corporation for protection of consumers of specified service providers and public funds for ensuring stability and resilience of the financial system and for matters connected therewith or incidental thereto. The proposed legislation together with the Insolvency and Bankruptcy Code, 2016 is expected to provide a comprehensive resolution mechanism for the economy. The Memoranda submitted to the Committee would form part of the records of the Committee and would be treated as 'Confidential' and not circulated to anyone, as such an act would constitute a breach of privilege of the Committee, the statement added. UNI