Features of the FRDI Bill:
- A framework to resolve bankruptcy in banks and other financial firms will be created.
- Customers of the banks and financial firms will be protected in the times of financial distress.
- Public money will be used to bail out the distressed financial firms or banks.
- Banks and financial firms will be disciplined in the times of crisis.
- Time and cost of dealing with the financial crisis will be minimized to one year but it may exceed one year in extreme conditions.
- It will also provide the necessary instruments for dealing with crisis events.
- A resolution corporation will be set up to strengthen the stability and resilience of the entities in the financial sector.