WTO Secretariat Report (WT/TPR/S/249): IV. TRADE POLICIES BY SELECTED SECTOR: (3) SERVICES: (ii) Financial Services: (Page 140, paragraph 57)
India's legal framework for the financial services sector has been updated and strengthened. However, part of this legislation has yet to enter into force.
What is the reason why part of this legislation in the financial services sector has not yet smoothly entered into force?
How do India's authorities plan to solve this difficulty in the short term?
Reply: The Banking Laws (Amendment) Bill, 2011 has been introduced in Parliament (Lok Sabha) in March 2011 and referred to Standing Committee on Finance for their examination. The Bill seeks to amend the Banking Regulation Act, 1949, the Banking Companies (Acquisition and Transfer of undertakings) Act, 1970 and 1980 to make the regulatory powers of Reserve Bank more effective.
