Volckers’ suggestions were repeated by in Europe by Liikanen and in the UK by Vickers.

Depositors as captives in the resolution process

But the most controversial feature of the Bill was that it indirectly contained two types of resolution process – one for the public sector banks and the other for private sector banks.
On the other hand, in the case of private sector banks, there can be bail-in or liquidation.

Depositors as captives in the resolution process

In a democratic setup, it is difficult to transfer the burden of banks’ mismanagement to its customers. Here, Bill faltered, and the premature death of FRDI indicate poor thinking while crafting financial legislation.

India missed the services of a calibre person like Volcker.