FRDI Bill, 2016 - Age Limit & Term of Office for members

Q.  Which of the following is/are true regarding The Financial Resolution and Deposit Insurance Bill, 2016?

1) The term of office of the Chairperson of the Resolution Corporation is 4 years.
2) The maximum age limit for members (other than ex officio members) shall be 65 years.
- Published on 03 Nov 16

a. Only 1
b. Only 2
c. Both 1 and 2
d. Neither 1 nor 2

ANSWER: Only 2
 
  • The term of office of the Chairperson and members (other than ex officio members) shall be five years or till they attain the age of sixty-five years, whichever is earlier,
  • They shall be eligible for reappointment subject to certain conditions, provided that the age-limit to determine the term of office of independent members shall be seventy years.

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