Financial Resolution and Deposit Insurance Bill 2016
An Act to establish a framework to carry out the resolution of certain categories of financial service providers in distress, to provide deposit insurance to consumers of certain categories of financial services and for designation of Systemically Important Financial Institutions by the Central Government for resolution;
And whereas it is necessary to establish a corporation with the objective of protecting consumers of covered service providers and public funds to the extent possible thereby contributing to the stability and resilience of the financial system;
And for matters connected therewith or incidental thereto.
1. (1) This Act may be called the Financial Resolution and Deposit Insurance Act, 2016.
(2) This Act extends to the whole of India.
(3) This Act will come into force from such date as may be notified by the Central Government.
(4) The Central Government may notify different dates for different provisions of this Act to be brought into force.