The bill provides for establishment of a resolution corporation with powers relating to transfer of assets to a healthy financial firm, merger or amalgamation, liquidation to be initiated by an order of the National Company Law Tribunal.
It can also designate certain financial providers as systematically important financial institutions, the failure of which may disrupt the entire financial system, said the 'Statement of Objects and Reasons' of the bill.
It also provides for creation of corporation insurance fund, corporation resolution fund and corporation general fund.
Garg in another tweet said, "Government laid down Medium Term Fiscal Framework Policy today in the Parliament. Signals continued adherence to fiscal consolidation."
The government today also tabled the Medium-term Expenditure Framework Statement (MTEF) in Parliament.
According to the MTEF document, the total expenditure of the central government is likely to touch Rs 26 lakh crore in 2019-20, up from Rs 21.46 lakh crore estimated for the current fiscal.
It further said the Centre's capital expenditure is expected to rise 25 per cent to Rs 3.9 lakh crore in 2019-20, with defence outlay alone jumping 22 per cent.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)