RBI Deputy Governor Michael Patra on Tuesday asked deposit insurers and other financial safety net participants to put in place frameworks to manage the failure of deposit taking institutions and prevent potential contagion effects. With the rapid digitisation of financial transactions, the crisis can propagate quickly requiring emergency liquidity assistance and pre-emptive interventions in troubled institutions, said Patra while delivering a keynote address at a conference on 'Navigating Emerging Challenges for Deposit Insurers and Fortifying Crisis Preparedness' in Jaipur. To deal with the emerging challenges, he said, "The DICGC is prioritising risk management, including contingency planning and crisis management frameworks." Patra said that it is "imperative for deposit insurers and other financial safety net participants to put in place frameworks for crisis preparedness and management that enhance their ability to manage the failure of deposit-taking institutions while ...