Finance minister Arun Jaitley on Friday launched an MIS portal for monitoring progress of regulators on the implementation of the non-legislative recommendations of the Financial Sector Legislative Reforms Commission.
The move is expected to give a big boost to the government’s attempts to revise financial sector regulations. The finance ministry has been keen on pushing ahead with non-legislative recommendations of the FSLRC as tabling of the proposed Indian Financial Code could take more time.
The issue is understood to have been discussed at the meeting of the Financial Stability and Development Council chaired by the finance minister on Friday.
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“The Council was also apprised about progress made by the Task Forces set-up for creation of the Resolution Corporation, Public Debt Management Agency, Financial Data Management Centre, and Financial Sector Appellate Tribunal,” said a finance ministry statement.
The FSDC, comprising regulatory bodies like the Reserve Bank and Sebi also took stock of the prevailing domestic and global economic situation.
It was observed that “macro-economic vulnerabilities have been reduced significantly in recent months on the back of various policy initiative taken by the government, improvement in growth, declining inflation, recovery in external sectorand political stability,” said the statement.
During the meeting, Jaitley also asked the regulators to expedite action on Single Demat account and Uniform KYC norms, which would help people to get details of their financial assets such as bank accounts, stocks, insurance policies, mutual funds and other financial instruments at one place.