FSLRC recommendations: Turf war in the offing

Two of the most important committees on financial sector reform in India in recent years—the Raghuram Rajan Committee and the Percy Mistry Committee—have recommended a change in the regulatory architecture. The problems of regulatory gaps, overlaps, turf wars, and tension with the government have only increased since these committees submitted their reports. While the Percy Mistry report recommended a single unified regulator, Raghuram Rajan recommended a more conservative approach—a banking and non-banking regulator, keeping RBI as the banking regulator.

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