ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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POLITICS-Task for the Left

Sham Regulation THE finance ministry's discussion paper on economic reform, while conceding that the securities scam revealed the weaknesses of the banking system, seems clearly to lay the blame for whatever made possible the enormous diversion of the banks' own resources and (he funds of public sector undertakings through the manipulation of the securities holdings of banks on the system being "over-regulated and under-governed" and lists a number of "reform initiatives" already announced "to restore the health and long-term viability of the banking system over the next three to four years". The list includes not only the phased reduction in the SLR and the implementation of the new capital adequacy norms but also strengthening of the RBI's supervisory system with the establishment of a new board for bank supervision.

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