Independent Research and Policy Advocacy

Top 5 Game changers for the Indian financial system in 2012

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Here are our picks:

  1. Direct Cash Transfer Scheme – To be rolled-out from January 1, under this scheme government plans to provide subsidies and other benefits directly to the poor in cash rather than in the form of subsidies.
  2. Release of the approach paper by FSLRC – Financial Sector Legislative Reforms Commission (FSLRC) was set up by the Indian Government to help rewrite and harmonize financial sector legislation, rules and regulations. In October, the commission came out with an approach paper that outlines preliminary findings about the strategy that will be adopted.
  3. Passage of the Banking Bill – Indian parliament passed the banking bill that paves the way for setting up new private banks.
  4. Aadhaar as proof of address for opening bank accounts – The Reserve Bank of India (RBI) has allowed banks to accept Aadhaar cards issued by the Unique Identification Authority of India (UIDAI) as a valid address proof for opening a new account, widening the know your customer (KYC) norms.
  5. Guidelines for alternative investment funds – SEBI had notified its guidelines in May for Alternative Investment Funds, which are funds established or incorporated in India for the purpose of pooling in of capital from Indian and foreign investors for investing as per a pre-decided policy.

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Once again, happy new year!

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