Decoding the Indian financial code 2.0 | Business Standard News

Decoding the Indian financial code 2.0 | Business Standard News

My VIEW:

Revamping
regulatory norms

The one page feature on
Indian Financial Code 2.0 (Business Standard, August 18) could form the background note for
further debate on (Draft) Indian Financial Code circulated by finance ministry.
That long time after the damaging Financial Sector Legislative Reforms
Commission report was inked and submitted in a hurry, the aftermath(the
proposed legislation in the form of IFC) has attracted the attention of
stakeholders, media, economists and analysts is a welcome signal.
The analysis has rightly pointed
out that with the exception of (a) putting in place an arrangement for consumer
protection (b) addressing opacity in decision making and (c) establishment of a
resolution corporation, the remaining seven objectives of the IFC could be
achieved by revamping existing institutional arrangement. It is not yet too
late for GOI to have a re-look at the whole approach to revamping the financial
sector regulatory framework.
The fuss about a
tug-of-war between finance ministry and RBI is built on ignorance. The RBI
Governor and his deputies (4 in number) are government appointees who do not
even enjoy the job security the Comptroller and Auditor General and the
Election Commission do have. So, the talk about the number of RBI-nominees and
GOI-nominees taking different sides on decision-making is only of academic
interest. Let us not under-estimate the capacity for application of mind by
professionals. The issue is about the functional autonomy of the central bank
and the position of RBI Governor as the leader of Team RBI.


M
G Warrier, Mumbai

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