Economics • Banking & FinanceMedium
Which committee recommended the formation of the 'Insolvency and Bankruptcy Board of India (IBBI)'?
A. Bankruptcy Law Reforms Committee (BLRC)✓ Correct Answer
B. Narasimham Committee
C. Urjit Patel Committee
D. Nachiket Mor Committee
💡 Solution & Explanation
The Bankruptcy Law Reforms Committee, chaired by T.K. Viswanathan, recommended comprehensive legal changes that culminated in the enactment of the Insolvency and Bankruptcy Code and the creation of the Insolvency and Bankruptcy Board of India. The Narasimham Committee focused on financial sector banking reforms, whereas the Urjit Patel Committee dealt with monetary policy frameworks. The establishment of IBBI has significantly streamlined the resolution of distressed corporate assets in the Indian economy.
More Economics Banking & Finance questions
- What does the term 'G-Sec' refer to in the Indian financial market?
- What is the main purpose of introducing 'Certificate of Deposit (CD)' as a money market instrument in India?
- Under the Prompt Corrective Action (PCA) framework for Non-Banking Financial Companies (NBFCs), which of the…
- How does the 'Marginal Standing Facility' (MSF) differ from the regular liquidity adjustment facility repo…
- Evaluate the role of the 'Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE)' in the Indian…