(2) An RBI working group underthe chairmanship of RBI DeputyGovernor Anand Sinha, in April2014, recommended setting up aFinancial Resolution Authority(FRA) to effectively deal with failingfinancial institutions and ensureoverall stability in the system.It can be set up by either convertingthe Deposit Insurance and CreditGuarantee Corporation (DICGC) orcreating a new entity that will subsumethe DICGC.