Banking Laws – Need to change

There are several legislations that cover India’s financial sector. The Banking Regulation Act 1949, The Bank Nationalisation Act, 1970, The State Bank of India Act, 1955, The Reserve Bank of India Act, 1934, all regulate different segments of the sector, making regulation unwieldy. A comprehensive overhaul is long overdue. Nine months ago, the government announced its intent to form a Financial Sector Legislative Reforms Commission but nothing concrete has happened yet. The urgency to overhaul these laws cannot be overstated as India integrates with the global economy and complex products are introduced.