Union Finance Minister Nirmala Sitharaman addressing the post-Budget press conference, in New Delhi on February 01, 2023. Photo Credit: ANI
The Union Budget has proposed certain amendments to the Banking Regulation Act, the Banking Companies Act and the Reserve Bank of India Act to improve bank governance and enhance investor protection.
In order to build the capacity of functionaries and professionals in the securities market, the Securities and Exchange Board of India is empowered to develop, regulate, maintain and enforce norms and standards for education in the National Institute of Securities Markets and to recognize the award of degrees. will have the right diplomas and certificates, the finance minister said in his budget speech.
Prem Rajani, managing partner, Rajani Associates, said in order to reduce the cost of compliance, the financial sector regulator will conduct a comprehensive review of existing regulations and consider suggestions from the public and regulated entities.
“It will be interesting to see amendments to the laws to improve banking regulations,” he said, adding that the budget reiterated the government’s commitment to deploy technology to enhance the financial sector.
“The deployment of DigiLocker and the focus on development of the National Financial Information Registry will not only serve as a central repository of financial and ancillary information but will also promote financial inclusion and ease of doing business,” said Mr Rajani.