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What is the need for FSLRC?

What is the need for FSLRC?

It is essential to protect investors against unfair contract terms, unjust conduct and protection of personal information. The FSLRC report also recommends fair disclosure and redressal of investor complaints by financial service providers.

What is FSLRC also explain finance code?

The Financial Sector Legislative Reforms Commission (FSLRC) was set up on March 24, 2011, for re-writing the Code to regulate the financial sector and introduce principles for financial regulation and the constitution, objectives, powers and interaction of financial agencies.

Who among the following was the chairman Financial Sector Legislative Reforms Commission Fslrc )?

B. N. Srikrishna

Name Position
Justice (Retd.) B. N. Srikrishna Chairman
Dr. P.J. Nayak Member
Justice (Retd.) Dr. Debi Prasad Pal Member
Smt. K.J. Udeshi Member

In which of the following year does the financial reform target set?

In the light of these requirements, two expert Committees were set up in 1990s under the chairmanship of M. Narasimham (an ex-RBI (Reserve Bank of India) governor) which are widely credited for spearheading the financial sector reform in India.

What is the full form of Fsdc?

Coordinates: 28°36′53.2″N 77°12′18.1″E Financial Stability and Development Council (FSDC) is an apex-level body constituted by the government of India.

Who manages public debt in India?

The Reserve Bank of India (RBI) is responsible for managing India’s public debt, especially debt denominated in the domestic currency. The management of the central government’s debt is conducted by RBI under statutory provisions that oblige the central government to delegate its debt management to the RBI.

What is Nachiket Mor committee?

Committee on Comprehensive Financial Services for Small Businesses and Low Income Households (commonly known as the Nachiket Mor Committee) was an expert committee formed by Raghuram Rajan on 23 September 2013, after he was appointed as the governor of the Reserve Bank of India (RBI). It was headed by Nachiket Mor.

What are the financial sector reforms in India?

Types of Financial Sector Reforms:

  • Reduction in Statutory Liquidity Ratio (SLR) and Cash Reserve Ratio (CRR):
  • End of Administered Interest Rate Regime:
  • Prudential Norms: High Capital Adequacy Ratio:
  • Competitive Financial System:
  • Non-Performing Assets (NPA) and Income Recognition Norm:

How many types of reform have been suggested in the financial sector?

The draft code addresses nine areas that require reforms: consumer pro- tection; micro-prudential regulation; resolution mechanisms; systemic risk regulation; capital controls; monetary policy; public debt management; development and redistribution; and contracts, trading, and market abuse.

What type of monetary policy is useful in reducing inflation?

One popular method of controlling inflation is through a contractionary monetary policy. The goal of a contractionary policy is to reduce the money supply within an economy by decreasing bond prices and increasing interest rates.

Who is the head of Fsdc?

It is chaired by the Finance Minister and its members include the heads of all Financial Sector Regulators (RBI, SEBI, PFRDA & IRDA), Finance Secretary, Secretary of Department of Economic Affairs (DEA), Secretary of Department of Financial Services (DFS), and Chief Economic Adviser.

Are the chairman of banking sector development committee?

This Working Group was constituted in January 2013 under the Co-Chairmanship of Shri Anand Sinha, DG, RBI, and Secretary (DEA). The Financial sector regulators at the level of Executive Director/General Manager/Joint Director/Principal Legal Adviser are members of this group.