No need for a financial super-regulator | Business Line

No need for a financial super-regulator | Business Line

Online comments posted on September 19, 2014:

The idea of
creating a Unified Financial Agency for all financial regulators except RBI,
truncating RBI by separating Public debt Management and keeping the agency
doing that work (presumably with the same work force) in RBI premises, later
UFA subsuming even RBI, all give a feeling that the FSLRC was not allowed to
“apply its intelligent mind” and in the eagerness to satisfy all, and so fast,
it had forgotten its own brief. Perhaps, the purpose would be served better, if
the RBI is allowed to function with its present mandates, a coordination
committee sorts out issues among the remaining regulators and if the
government’s aim is to reduce the number of regulators, merge with RBI, the
agencies outside RBI one by one, as work stabilizes. The twin goals of one
Unified Financial Agency and managing the
man-power-related issues normally emanating from structural alterations would
be better achieved this way.
One hopes,
the sane advice coming from the veteran economist who had opportunity to know
RBI inside-outside is taken seriously by the new dispensation in New Delhi.

M G Warrier,


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