The Financial Resolution and Deposit Insurance Bill, 2017 (FRDI Bill) is far more depositor friendly than many other jurisdictions which provide for statutory bail -in, where consent of creditors / depositors is not required forbail-in, the Ministry of Finance said. .
The FRDI Bill will strengthen the system by adding a comprehensive resolution regime that will help ensure that, in the rare event of failure of a financial service provider, there is a system of quick, orderly and efficient resolution in favour of depositors,” it added.
The provisions contained in the FRDI Bill, as introduced in the Parliament, do not modify present protections to the depositors adversely.
“The FRDI Bill does not propose in any way to limit the scope of powers for the Government to extend financing and resolution support to banks, including Public Sector Banks. The Government’s implicit guarantee for Public Sector Banks remains unaffected,” the Ministry of Finance said.
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