Joint panel seeks suggestions on financial resolution bill

The joint committee of Parliament, which is examining the Financial Resolution and Deposit Insurance Bill, on Friday sought suggestions from public and other stakeholders on its provisions.

The bill was referred to the committee last month soon after it was introduced in the Lok Sabha.

The committee, headed by Rajya Sabha MP Bhupender Yadav, will examine the provisions of the bill and submit a report to the Parliament, a statement from the Parliamentary Affairs Ministry said.

It added that the views and suggestions shared with the committee would be treated as "confidential" and would not circulated to anyone.

The bill provides for a resolution framework to deal with bankruptcy situation in banks, insurance companies, and financial sector entities.

It also aims to provide deposit insurance to consumers and establish a Resolution Corporation for protection of consumers.

Along with the Insolvency and Bankruptcy Code, the legislation is expected to provide a comprehensive resolution mechanism for the economy, the government statement said.

--IANS

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