(a) the details of recommendations of the High Level Coordination Committee
on Financial Sector headed by Shri Raguram Rajan alongwith the status of
action taken by the Union Government on each such recommendation;
(b) whether consensus has not emerged on some of the recommendations of the Committee;
(c) if so, the details thereof; and
(d) the steps taken or proposed to be taken by the Government in this regard?
MINISTER OF THE STATE IN THE MINISTRY OF FINANCE (SHRI NAMO NARAIN MEENA)
(a) to (d): The Committee on Financial Sector Reforms under the Chairmanship of Shri Raghuram
Rajan has made wide ranging recommendations on macro-economic framework & financial sector
development, broadening access to finance, creating more efficient financial markets,
building a growth-friendly regulatory environment and a robust infrastructure for credit.
Some proposals require more discussions and deliberations such as consolidation & merger
of banks, greater participation of foreign investors in domestic financial markets and
bringing regulation of trading under a single regulator, etc. However there are other
proposals on which action has already been taken. These include freeing banks to set
up ATMs anywhere, liberalizing the banking correspondent model, expediting the process
of creating a Unique ID Number, etc. In addition, the RBI has set up Working Groups
to examine, inter-alia, liberalization of interest rates, liberalization of branch
licensing policy and trading in Priority Sector Lending Certificates to ensure greater
flow of credit to the poor.