"Financial regulatory structure riddled"

……………The Reserve Bank of India, for instance, is the banking regulator besides a banker to the government and also a monetary policy maker. Apart from regulatory and quasi-regulatory bodies, there are central and state government ministries involved in policy making, said secretary general D.S. Rawat. A Financial Stability and Development Council (FSDC) has recently been set up for macro-prudential supervision of the economy. Its mandate includes addressing functioning of large financial conglomerates and inter-regulatory coordination issues besides promoting financial literacy and inclusion. But the FSDC is neither a statutory body nor an oversight agency…………

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