9911796707
TMI BlogReport of the Working Group on Resolution Regime for Financial InstitutionsX X X X Extracts X X X X X X X X Extracts X X X X ..... Report of the Working Group on Resolution Regime for Financial Institutions X X X X Extracts X X X X X X X X Extracts X X X X ..... , Government of India as Co-Chairperson to suggest extensive strengthening of the resolution regime taking into consideration the structure of Indian financial institutions and the Financial Stability Board`s Key Attributes of Effective Resolution Regime for Financial Institutions. The Group has submitted its report to the Governor, RBI and Chairman of the Sub-Committee of FSDC. Today, there are ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... some provisions contained in various Acts governing the respective financial institutions, which empower the respective regulator/supervisor and/or the central government to resolve different types of financial institutions in India once they run into viability problems. In order to bridge the gaps and develop an effective resolution regime for all financial institutions in line with the Key Attri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... butes, the Group has made wide ranging recommendations taking into consideration the international best practices and work in major advanced jurisdictions as also the recommendations given by the Financial Sector Legislative Reforms Commission (FSLRC). The Group emphasizes the need for a separate comprehensive legal framework providing the necessary powers and tools to resolve all financial insti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tutions irrespective of ownership; and setting up of a single Financial Resolution Authority (FRA) that is institutionally independent of regulators/Government. The Group also recommends putting in place an early intervention mechanism in the form of a Prompt Corrective Action (PCA) framework with clear trigger levels for regulatory intervention in the early stages and for handing over to the reso ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lution authority for initiating appropriate actions in the last stage. The Report of the Working Group on Resolution Regime for Financial Institutions has today been placed in the website of Ministry of Finance/RBI/SEBI/IRDA/PFRDA/FMC for inviting public comments. The comments, if any, on the recommendations of the Report, may be e-mailed to [email protected] or sent by post to Princi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pal Chief General Manager, Reserve Bank of India, Department of Banking Operations and Development, 12th Floor, Central Office Building, Shahid Bhagat Sing Marg, Fort, Mumbai-400001 on or before May 31, 2014. X X X X Extracts X X X X X X X X Extracts X X X X
|
