Now Focus on Financial Sector Reforms, Govt. Sets-up Task force

Modi Government don’t want to leave any stone un turned to give pace to the economy. In this direction after taking various initiatives other sector, now it has put focus on financial sector. As financial sector reforms are due since long, government has setup a high powered Task Force to lay the road map for setting-up of Financial Redress Agency (FRA). This Task force was recommended by the Financial Sector Legislative Reforms Commission (FSLRC) in March 2013 to look into the reforms mechanism of financial sector. Government has put the whole constitution of the Task Force in public domain and all the information of this task force is there on the ministry of finance website.

Important to note that Financial Sector Legislative Reforms Commission (FSLRC) was set-up in March 2011. Its prime objective was to re-writing the financial sector laws and to bring them in harmony with the current requirements as there are various confusion and contradiction in the current setup. This commission has submitted its report to the government on March 22, 2013 and suggested the formation of a powerful task force that will look into the reforms mechanism in sectors like Bond market, Capital market, Banking infrastructure, legislative reforms etc.

In addition to this, commission has recommended a non-sectoral, principle-based legislative architecture for the financial sector by restructuring and upgrading existing regulatory agencies and creating new agencies wherever needed for better governance and accountability.