.........The challenges of bank supervision and limited supervisory capacity will need to be overcome. The proposed Indian Financial Code has suggested two new elements that will help improve capacity. One, a banking regulator, whose job is to ensure consumer protection, and a much stronger law to anchor it. Two, the setting up of a resolution corporation whose job will be to help minimise the burden on the taxpayer. The resolution corporation will also, alongside the RBI, supervise all banks. This will mean additional supervisory oversight over the new banks. The RBI needs to give new licences, but the government must ensure that it brings in improved customer protection and a resolution corporation as it does so.
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