.....Instances of the finance ministry’s attempt to act as a super regulator over all regulatory bodies in the financial sector are becoming increasingly common. This will destabilise the equilibrium deftly built by eminent individuals who headed the finance ministry and the Reserve Bank of India (RBI) in the formative years of financial regulation in India (there were few regulators in the financial sector, almost till the reform days), and consciously maintained by their successors till the recent past........
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