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Bankruptcy law for financial firms soon

business Updated: Jun 13, 2016 06:05 IST
PTI

NEW DELHI: Having overhauled the century-old bankruptcy law for companies, the government is now looking to bring in a new insolvency law for banks and financial institutions, which will give depositors the first right over assets of a defunct entity, minister of state for finance Jayant Sinha said. The new legislation will help in quick winding-up of stressed banks, non-banking finance corporations (NBFCs) and microfinance institutions, while safeguarding the interest of small savers, he added.