20 September, 2020

Slimming Package

A regulator for the regulators? Where does that leave RBI?

AP
Slimming Package
outlookindia.com
-0001-11-30T00:00:00+05:53

Brave New World?

The FLSRC’s recommendations are sweeping, but will not be easy to implement 

Regulators

  • Proposal: Merge IRDA, PFRDA, SEBI and FMC into a unified financial agency; frame Indian Financial Code
  • Prognosis: Promises equal treatment across firms and products; too many issues foreseen

RBI’s role

  • Proposal: Monetary policy to be main focus
  • Prognosis: Will reduce the burden on the RBI; GOI to reduce central bank’s role in debt management and take capital controls out of its purview

RBI’s powers

  • Proposal: Monetary Policy Committee with five independent external members   selected by GOI
  • PROGNOSIS: Greater risk of GOI’s political biases affecting RBI’s functioning

SBI &...

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