Financial sector regulation and supervision: Media response

Financial sector regulation and supervision
This refers to the brief article “Not home alone” by Anup Roy (Business Standard, July 17). The article has raised relevant questions on the duality of control over financial institutions including banks and NBFCs at ground level and answered them referring to the evolution of regulatory and supervisory system in the Indian financial sector over the years.
Though there is no use lamenting over the omissions and commissions of past commissions, for record’s sake, mention has to be made about the tangent route the FSLRC (Financial Sector Legislative Reforms Commission) took, trying to reinvent the central bank and truncate its functional limbs. The FSLRC failed to listen to professionals among its own members. The piece meal approach to policy formulation affecting financial sector during the second half of the current decade is attributable to the diversion opted by FSLRC from its real mandate.
Having said that, there is no denying the fact that GOI and RBI have been deftly building the Institutional System in the financial sector to meet the changing needs. Setting up of IDBI, NABARD, NHB, SIDBI and Exim Bank at the apex level and coming into being of SBI, public sector banks, Regional Rural Banks and small banks should be seen in this perspective. The missing link is an HR initiative to ensure professionalism in the functioning of all these institutions. The RBI board decision “to create a specialized supervisory and regulatory cadre” should be perceived as a message for infusing professionalism at all levels in the financial sector.
M G Warrier, Mumbai

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