........ So what does the FSLRC Report say that is so upsetting and why is it upsetting to so many people? In its essence, the report says that the regulatory structure for the Indian financial system is old, based as it is on some laws which are more than 140 years old. Old itself is not the problem; the issue is a piece-meal approach to financial sector regulation that has resulted in a ground-level mess with multiple regulators and large regulatory cracks...........
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