..............The proposal for a super regulator for financial services has been hugely contentious with the RBI — the country’s oldest regulator having been established in 1935 — baulking at the idea of losing its independence and having to kowtow to a super boss. The committee appears to have suggested a way out of the impasse by leaving the RBI out of the ambit of the Unified Financial Agency, which will subsume the functions of key agencies such as Sebi, IRDA, PFRDA and the Forward Markets Commission. Banking operations, monetary policy and payment system will continue to be regulated by the RBI............
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