Mumbai: India’s financial sector regulators will review their existing guidelines in a move aimed at simplifying and reducing compliance costs for regulated entities, Finance Minister Nirmala Sitharaman said on Wednesday.
“To this end, they will consider proposals from public and regulated entities. Time limits for determining the applications under various regulations will also be laid down,” Sitharaman said in her budget speech. She said public consultations, as necessary and feasible, will be included in the regulation making process.
Apart from this, in order to improve governance and protect investors in the banking sector, she proposed several amendments to the Banking Regulation Act, the Banking Companies Act and the Reserve Bank of India Act.
“In the long term, a clear focus on improving bank governance and investor protection has been signaled by the announcement of amendments to the Banking Regulation Act, the Banking Companies Act, and the Reserve Bank of India Act, which should to strengthen structurally and to strengthen the stakeholders. confidence,” said Krishnan Sitaraman, senior director and deputy chief ratings officer at Crisil Ratings Ltd.
Apart from this, to improve business activities in the GIFT International Financial Services Center (IFSC), the government said it will establish a single window IT system for registration and approvals from the International Financial Services Centers Authority (IFSCA), Special Economic Zone (SEZ) . authorities, Goods and Services Tax Network (GSTN), Reserve Bank of India (RBI), Securities and Exchange Board of India (Sebi) and Insurance, Regulatory and Development Authority of India (IRDAI). It will also allow acquisition financing by IFSC banking units of foreign banks.
“The Union Budget clearly emphasizes our nation’s growth aspirations and the vital role GIFT City plays in India’s growth story. The policy support outlined by the Union government will certainly act as a catalyst to accelerate the growth of GIFT City, making it a vibrant global financial hub for domestic and international entities,” said Tapan Ray, managing director and group chief executive, GIFT City. .
“The far-reaching measures announced in the budget will go a long way in strengthening the ease of doing business in IFSC at GIFT City. The establishment of an EXIM Bank subsidiary would encourage emerging sectors such as aircraft and ship financing activities in the GIFT City,” said Ray.
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Updated: 02 February 2023, 01:36 AM IST
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