<h1>Union Cabinet Approves Financial Resolution and Deposit Insurance Bill 2017 to Enhance Stability and Protect Consumers.</h1> The Union Cabinet, led by the Prime Minister, approved the introduction of the Financial Resolution and Deposit Insurance Bill, 2017. This Bill aims to establish a comprehensive resolution framework for financial sector entities facing bankruptcy, including banks and insurance companies. It proposes the creation of a Resolution Corporation to protect financial stability, consumer interests, and public funds. The Bill will repeal the Deposit Insurance and Credit Guarantee Corporation Act, 1961, transferring responsibilities to the new corporation. Complementing the Insolvency and Bankruptcy Code, 2016, it seeks to enhance financial stability, reduce resolution costs, and limit public money usage in financial crises.