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Government lays out banking reform agenda - Views on News from Equitymaster
 
 
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  • Nov 4, 1999

    Government lays out banking reform agenda

    The government's immediate agenda for financial sector reforms has been unveiled. This has been reported by a leading national daily.

    The highlights of the agenda are:

    • Voluntary Retirement Scheme (VRS) for public sector banks
    • Increase in the number of debt recovery tribunals
    • Stricter supervision for private and foreign banks
    • The government to lower stakes in public sector banks to below 51%
    • Change in definition of sick companies
    • Board for Industrial and Financial Reconstruction to be empowered to change bank management
    • Securitisation to be permitted

    The proposed measures 'if' implemented will go a long way in improving the vibrancy of the banking and financial services sector. However, given the past track record, it is unlikely that these measures will be implemented with a sense if urgency. The plans for introduction of VRS and the amendment to permit the reduction of government to below 51% are likely to face stiff opposition from labour unions and opposition parties. Thus, these measures, which are also the most essential, could possibly be delayed.

     

     

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