ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846
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Critique of Two Proposals

Indian Financial Code's Revised Draft

The Revised Draft of the Indian Financial Code's proposal to establish a Monetary Policy Committee with a majority of government nominees and no veto power to the Reserve Bank of India Governor have attracted a lot of attention. However, the code has some other critical proposals, including a Financial Stability and Development Council (the super-regulator for systemic risk) that will radically alter the financial regulation landscape of India. This article scrutinises two important proposals--the Financial Development Council and systemic risk regulation, and the "prompt corrective action" regime.



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