Subbarao again questions FSDC ambit | Business Standard

Subbarao again questions FSDC ambit | Business Standard

M G WARRIER
The concern expressed by the RBI Governor is genuine. Post-FSLRC report, even the chairman of the Financial Sector Legislative reforms Commission Justice Srikrishna has become wiser and had last week observed that what we needed was something that is drastic, something that is total overhaul of the existing financial system. But, FSLRC missed the opportunity to dwell on this in the Indian context. Going round and round the idea of destabilizing the central bank(RBI) which is the only institution functioning satisfactorily and cutting and pasting recent innovations elsewhere brought about in different contexts and refusing to do the strenuous task of looking at India-specific issues and country-specific solutions for them, the Commission ended up where it started the work! It is doubtful whether even those caused the review by FSLRC would argue that acceptable and workable models are there in the FSLRC report. If giving executive powers and ‘regularizing’ Financial Stability and Development Council (FSDC) was the purpose, the FSLRC exercise was redundant. The reservations expressed by RBI Governor should be viewed in this wider context. The sound health of the financial sector can be ensured only by allowing all regulators and supervisors in the sector including RBI, SEBI and IRDA to feel the freedom to perform their mandated responsibilities efficiently, within the statutory framework. Presently, their well-intended policy initiatives and even administrative actions are being pre-audited and guided by a Finance Ministry which itself is suffocating under compulsions of coalition politics.

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