The RBI’s self-serving bid?

The RBI has asked the finance minister to amend the Reserve Bank of India Act, to allow it to supervise non-bank subsidiaries of banks. The other regulators should, according to the RBI, be relegated to advisory functions. Doing this would constitute a major change to existing financial laws. This financial reform would be a significant step in moving India towards a single financial regulator, and towards making the RBI that regulator.

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