Explanation:

 Resolution of failed financial firms: The draft IFC envisaged creation of a Resolution Corporation as an important segment of the reformed financialsystem. 
The developments in relation to resolution of failed financial firms unfoldedas follows: 
1. In 2014, the Ministry of Finance constituted a Task Force for the Establishment of the Resolution Corporation. The mandate of the Task Force was to work out a plan for the establishment of resolutioncorporation. 
2. The budget speeches of 2015-16 and 2017-18 announced a plan to draft and table a Bill on resolution of financialfirms. 
3. In September, 2016, a draft of the Bill was placed in public domain forcomments. 
4. In June, 2017, the Cabinet approved the proposal to introduce a Financial Resolution and Deposit Insurance Bill, 2017 (”the FRDIBill”). 
5. In July, 2018 the Bill was dropped. One clause in the Bill gave the proposed Resolution Corporation the option of “bailing in” troubled banks: using uninsured depositor money to infuse equity into the bank if a buyer is not found. This bill made the depositors jittery who feared that such a clause could harm their life-long savings in bankaccounts.