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Resolution Corp runs into RBI opposition

DNMUM398587 | 10/13/2017 | Author : Manju AB | WC :540

DNA Exclusive

Mumbai: Reserve Bank of India (RBI) is not keen to set up a Resolution Corporation for monitoring and rescuing banks and other financial entities that may be in distress, while two other regulators -- Securities and Exchange Board of India (Sebi) and Insurance Regulatory and Development Authority of India (Irda) -- and bankers are rooting for setting up the corporation.
The parliamentary committee on finance, which was in Mumbai recently to brainstorm with stakeholders on the setting up of this corporation, got a mixed response from various stakeholders.
“RBI was of the view that monitoring and course correction of banks is what they have been regularly undertaking as part of their mandate and that another body may not be n
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