CII has suggested a coordinated approach to address the ongoing between RBI and the government.
“At a time when the financial sector is feeling the stress, the need of the hour is to have a consultative approach to arrive at a set of actions which can be taken in the immediate and over the medium term,” CII president, Rakesh Bharti Mittal said. The government has been consultative and most receptive to suggestions and recommendations of the industry. CII has already shared a series of suggestions for addressing issues in the financial sector, which are largely in the domain of the RBI, he added.
However, the financial sector is deeply interlinked today and any development in one segment of the market can have serious ripple effects in the entire sector and thus, the overall economy. A coordinated and consultative approach at this point of time to address the various problems of the sector is critical to national economic health and stability. It is important for the country and stakeholders globally to see a coordinated front. Such a coordinated front would include the key players in the regulation of the financial sector, that is, the RBI, SEBI, IRDAI, PFRDA and of course the Government, he said.