{"id":28396,"date":"2018-10-24T12:13:23","date_gmt":"2018-10-24T06:43:23","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=28396"},"modified":"2018-10-24T12:13:23","modified_gmt":"2018-10-24T06:43:23","slug":"monitoring-financial-firms","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/monitoring-financial-firms\/","title":{"rendered":"Monitoring financial firms"},"content":{"rendered":"<p><a href=\"https:\/\/www.thehindu.com\/opinion\/op-ed\/monitoring-financial-firms\/article24401415.ece\">Monitoring financial firms<\/a><\/p>\n<p><strong><u>News:<\/u><\/strong><\/p>\n<ol>\n<li>The Financial Resolution and Deposit Insurance Bill, 2017<\/li>\n<\/ol>\n<p><strong><u>Important facts:<\/u><\/strong><\/p>\n<p><u>2. The key features of the Bill:<\/u><\/p>\n<ul>\n<li>The Bill proposes a comprehensive resolution framework for specified financial sector entities and service providers.<\/li>\n<li>It will deal with bankruptcy in banks, insurance companies and financial sector entities.<\/li>\n<li>The Bill seeks to give comfort to the consumers of financial service providers in financial distress.<\/li>\n<li>Its objectives include the maintenance of financial stability during a crisis.<\/li>\n<li>The Bill lists 11 categories of institutions which would come under the definition of specified service providers.<\/li>\n<li>The Bill proposes the setting up of a Resolution Corporation by the Central government.<\/li>\n<li>It would lead to repeal or amendment of resolution-related provisions in legislation, including the repeal of the Deposit Insurance and Credit Guarantee Corporation Act, 1961.<\/li>\n<li>This would mean the transfer of deposit insurance powers and responsibilities to the Resolution Corporation to streamline the deposit insurance framework for the benefit of retail depositors.<\/li>\n<li>The government listed the functions of the Resolution Corporation \u00a0which includes:<\/li>\n<li>Protecting the stability and resilience of the financial system, public funds, and consumers of covered obligations up to a \u201creasonable limit\u201d.<\/li>\n<li>The Bill also details the powers and functions of the Corporation , which are listed below:<\/li>\n<\/ul>\n<ol>\n<li>To include providing deposit insurance to banking institutions,<\/li>\n<li>specifying the criteria for classification of a specified service provider into one of the categories of risk to viability,<\/li>\n<li>acting as an administrator for a specified service provider under critical risk,<\/li>\n<li>exercising powers in relation to certain termination rights in respect of specified service providers,<\/li>\n<li>resolving a specified service provider under critical risk,<\/li>\n<li>Acting as a liquidator for a specified service provider.<\/li>\n<\/ol>\n<ul>\n<li>The recently enacted Insolvency and Bankruptcy Code, 2016 to deal with the insolvency resolution issues of non-financial entities will be complemented by the proposed Bill.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Monitoring financial firms News: The Financial Resolution and Deposit Insurance Bill, 2017 Important facts: 2. The key features of the Bill: The Bill proposes a comprehensive resolution framework for specified financial sector entities and service providers. It will deal with bankruptcy in banks, insurance companies and financial sector entities. The Bill seeks to give comfort&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/monitoring-financial-firms\/\">Continue reading <span class=\"screen-reader-text\">Monitoring financial firms<\/span><\/a><\/p>\n","protected":false},"author":61,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[555],"tags":[],"class_list":["post-28396","post","type-post","status-publish","format-standard","hentry","category-test-1","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1704655832},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/28396","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=28396"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/28396\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=28396"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=28396"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=28396"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}