The Financial Resolution and Deposit
insurance Bill, 2017 has been referred to a Joint Parliamentary Committee of
both the Houses, under the Chairpersonship of Shri
Bhupender Yadav, M.P for examination and presenting a Report to the
Parliament. The Bill seeks to provide for the resolution of certain categories
of financial service providers in distress; the deposit insurance to consumers
of certain categories of financial services; designation of systemically
important financial institutions; and establishment of a Resolution Corporation
for protection of consumers of specified service providers and of public funds
for ensuring the 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.
2. It has been decided by the
Joint Committee to seek views and suggestions from various stakeholders and
public at large on the provisions of the aforesaid Bill. ‘The Financial
Resolution and Deposit Insurance Bill, 2017’ has been uploaded on Lok Sabha
website http://164.100.47.4/BillsTexts/LSBillTexts/Asintroduced/165_2017_LS_Eng.pdf
3. All those desirous of submitting
their views/suggestions to the Committee may send two copies of their written
Memoranda/suggestions either in English or Hindi on the Bill to Director (CB-I
& JCs), Lok Sabha Secretariat, Room No. 339, Third Floor, Parliament House
Annexe, New Delhi- 110001 or Fax at 23092092 or e-mail them at jcfrdi-Iss@sansad.nic.in by 29th
September, 2017.
4. 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.
5. Those who wish to appear before
the Committee, besides submitting Memoranda, are also requested to specifically
indicate so. However, the Committee’s decision in this regard shall be final.
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AK
