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India: Govt to release framework for systemically important FIs

Source: Asia Insurance Review | Oct 2016

The government plans to release soon a framework for identifying systemically important financial institutions (SIFI) which is being drawn up in consultation with regulatory bodies including the Reserve Bank of India.
 
   Big financial institutions that may cause a disruption in the wider financial system and economic activities in the event they fail or are in distress will be classified among SIFI, reported The Financial Express citing a senior Finance Ministry official.
 
   “We have held discussions with all regulators. It is necessary to identify SIFI in sectors such as securities, pension and insurance, especially since some of the insurance firms are close to getting listed on the exchanges,” he said. 
 
   A cross-sector approach is being taken for SIFI because several important institutions have cross-sector exposure.
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