Independent Research and Policy Advocacy

Top 5 Game changers for the Indian financial system in 2013

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Our picks:

  1. Appointment of Dr. Raghuram Rajan – In September Dr. Rajan took over as the 23rd governor of the Reserve Bank of India. If his opening speech is any indicator, his appointment could be one of the most important milestones for the Indian financial system.
  2. Formation of the RBI Committee on Financial Inclusion – The Reserve Bank of India announced a 13-member committee, headed by Dr. Nachiket Mor, to frame a clear and detailed vision for financial inclusion/deepening across the country.
  3. FSLRC Report Submission & draft Indian Financial Code – In March, Financial Sector Legislative Reforms Commission (FSLRC), which was set up by the Indian Government in 2011 with a mandate to help rewrite and harmonize financial sector legislation, rules and regulations, released its final report and the draft law.
  4. Launch of Inflation Indexed Bonds – Launched in June as a measure to protect household savings from inflation and as a measure to incentivize saving in financial instruments rather than physical assets like gold, RBI launched Inflation Indexed Bonds, which initially were linked to the Wholesale Price Index. A few days earlier RBI rolled out these bonds which are now benchmarked against the Consumer Price Index (CPI) to ensure wider retail participation.
  5. Enabling e-KYC through UIDAI – With intent to enhance customer convenience and help business efficiency, UIDAI has enabled the KYC process to be made paperless. Such a process can have huge implications going forward and would make the lives of both the customer and the service provider a lot easier through a standard authorization.

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Once again, happy new year!

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