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‘Total overhaul of existing financial system needed’

A complete overhaul of the current financial sector regulatory architecture is essential if India wants to become a $14 trillion economy by 2025

A complete overhaul of the current financial sector regulatory architecture is essential if India wants to become a $14 trillion economy by 2025,chairman of the Financial Sector Legislative Reforms Commission (FSLRC) and former Supreme Court judge Justice BN Srikrishna has said.

“By the year 2025,we hope to achieve $14 trillion economy. Ambition can’t be achieved unless there are steps taken towards it. Therefore,you need something that is drastic… a total overhaul of the existing financial system,” Srikrishna said on Wednesday at a conference organised by Assocham.

The FSLRC had submitted its report to finance minister P Chidambaram in March this year and called for the creation of a unified financial agency that would subsume sectoral regulators and also limit the role of the Reserve Bank to monetary management. Its two-part report also included a draft Indian Financial Code for replacing the current regulatory regime with an omnibus legislation to regulate the financial sector.

Srikrishna’s comments come days after Chidambaram had indicated that enacting the Indian Financial Code could take time but had said that the ministry would try to implement all recommendations that do not need legislative backing.

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First published on: 30-05-2013 at 01:25 IST
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