How ‘Mint’ sees the draft financial code
A selection of edits, opeds and columns on the Indian Financial Code over the last two years
Last week, the Union finance ministry issued a revised draft of the Indian Financial Code (IFC)—an overarching draft for India’s financial sector laws—and invited comments on it. This has proved controversial largely because of its provisions on the monetary policy.
Over the past two years, Mint has published edits, opeds and columns on the recommendations of the Financial Sector Legislative Reforms Commission (FSLRC)—the body that drafted the IFC—and the IFC itself.
Here is a selection of these pieces:
In defence of the financial code
Vivek Dehejia and Rajeswari Sengupta on how it is pure alarmism to claim the Union government plans to seize control of monetary policy from the RBI. (Read here)
The making of a toothless central bank
A monetary policy committee filled with government nominees serves no purpose (Read here)
Monetary policy makeover
For monetary policy, the seeds of dramatic change were sown both by the Raghuram Rajan committee and the FSLRC (Read here)
Stop the task forces, Mr Jaitley
The finance minister should listen to the dissenting voices from FSLRC as well as engage in fresh consultations, writes V. Anantha Nageswaran. (Read here)
A pat for institutional coordination
A. Vasudevan on how cooperation between the govt and RBI in the area of financial stability has been good, but more can be done (Read here)
FSDC: listening to the winds of change
Sowmya Rao and Sumathi Chandrashekaran on how demonizing FSDC as a ‘super-regulator’ that erodes regulatory autonomy is a misnomer of the highest order (Read here)
Hurdles to new financial code
The draft Indian Financial Code puts consumer protection at the heart of the financial system, writes Monika Halan (Read here)
The quest for an optimal central bank
How a monetary policy committee that issues binding recommendations will erode RBI’s independence (Read here)
FSLRC’s monetary policy myopia
The FSLRC, which has the laudable objective of enhancing accountability and independence for the RBI, in its recommendations makes it extremely difficult for RBI to achieve those objectives (Read here)
India needs a new financial regulatory architecture
A robust financial system ensures that funds move in a cost effective way, writes Mobis Philipose. (Read here)
The biased work of FSLRC
V. Anantha Nageswaran on how Conspicuous omissions and false premises weaken FSLRC’s prescriptions and render them untenable. (Read here)
India’s new monetary politics
Mint’s take on why the Indian government should have no say in the appointment of the monetary policy committee. (Read here)
Govt may get a greater say in fixing monetary policy
The FSLRC recommendations are far reaching in their impact, though they seem to give the government a far greater say in monetary policy than it had till now (Read here)
Consumers to get protector, regulators a roadmap
Financial Redressal Agency (FRA) to be set up as a single stop for all consumer complaints in the financial sector with a consumer-facing front in every district. (Read more)
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