...............Reddy hinted that the government may hand over the financial sector control to the RBI. In this context, he cited the case of the UK, where financial sector regulation has been handed over to the Bank of England. “In England, there was a separate regulator for banks. Now, they all (financial sector regulators) were brought under Bank of England by law.” In fact, a single financial sector regulator was contemplated by the Indian government some time ago, he said. “If you were to reform the financial sector in India, there were lessons to be learnt from global experiences. Earlier, the concentration was inflation targeting and independent monetary policy. Now, somebody should be in charge of the nation’s financial stability. The central bank should be in charge of that,” he said.............
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