FRDI Bill, 2016

Q.  Which of the following is/are true regarding The Financial Resolution and Deposit Insurance Bill, 2016?

1) The draft bill proposes establishment of a Resolution Corporation.
2) The head office of the Corporation shall be at Mumbai.
- Published on 03 Nov 16

a. Only 1
b. Only 2
c. Both 1 and 2
d. Neither 1 nor 2

ANSWER: Both 1 and 2
 
  • A draft Financial Resolution and Deposit Insurance Bill 2016 has mooted the "creative destruction of inefficient firms" as part of the legislation that seeks to address insolvency issues in financial services companies.
  • The bill will establish a Resolution Corporation.
  • The head office of the Corporation shall be at Mumbai. The Corporation may establish offices at other places in India.
  • The general direction and management of the affairs and business of the Corporation shall vest in the Board, subject to the terms and conditions of this Act.

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