-PTI The joint committee on the FRDI Bill has been granted an extension of time up to the last day of Budget Session 2018, speaker Sumitra Mahajan informed the Lok Sabha New Delhi: The Financial Resolution and Deposit Insurance Bill, or FRDI Bill, may not be introduced in Parliament even during the budget session, as the joint committee looking into it got an extension for submitting its report. Lok Sabha speaker Sumitra Mahajan...
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Lack of transparency plagues India's new insolvency and bankruptcy regime -Nitin Sethi
-Scroll.in A year after its launch, the new process that handles the recovery of crores of rupees of unpaid corporate debt is shrouded in opaqueness. India’s new insolvency and bankruptcy regime has been functioning for a year without any disclosure norms or mandatory transparency regulations. In the first year of its application, the regime is already dealing with more than 450 cases that add up to thousands of crores of rupees...
More »FRDI Bill: Dispelling some myths about bail-in and other issues to allay depositors' concerns -Shohini Sengupta
-Firstpost.com The Financial Resolution and Deposit Insurance (FRDI) Bill proposes to create a framework for overseeing financial institutions such as banks, insurance companies, non-banking financial services (NBFC) companies and stock exchanges in case of insolvency. The 'Resolution Corporation', proposed in the draft bill, would look after the process and prevent the banks from going bankrupt. It would do this by "writing down of the liabilities", a phrase some have interpreted as a...
More »Bank depositors' interests will be protected, assures PM
-The Hindu Business Line Blames UPA for NPA mess; says industry bodies should have been more vigilant New Delhi: Prime Minister Narendra Modi did not mince words when he addressed industry captains at the 90th Annual General Meeting of the Federation of Indian Chambers of Commerce and Industry here on Wednesday. In a speech that lasted slightly over 45 minutes, Modi put to rest all concerns pertaining to use of individuals deposits for...
More »FRDI Bill: Understanding the basis of bail-in, and depositors' fear -Shaji Vikraman
-The Indian Express As the government tries to allay swirling apprehensions, The Indian Express explains the background, aims and rationale of the proposed new FRDI law. Some provisions of The Financial Resolution and Deposit Insurance Bill, 2017, popularly referred to as the FRDI Bill, which was tabled in Parliament this August, have given rise to concerns over protection for bank deposits in the proposed law. An online petition against the Bill — “Do not...
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