Right into the twentieth century, the Irish banks collected deposits from rural parts – not least in the wartime years when food prices soared and there was little available in the prevailing international conditions on which to spend the export receipts; and so the savings were placed in the London money market. Finance was not “primarily national” then, and has not been since.
Government of India has further approved the Insolvency and Bankruptcy Code 2016 with an objective of expediting resolution of stressed assets and streamlining the process of liquidating a business. The Code also provides for a fast track insolvency resolution process which will be an enabler for start-ups and MSMEs to complete the resolution process in 90 days (extendable to 45 days in deserving cases).