); passage of Fiscal Responsibility Bill (to bring reasonable control over fiscal management), amendments to the State Bank of India (SBI) and other Acts governing public sector banks, National Housing Bank (NHB), National Bank for Agriculture and Rural Development (NABARD), and Industrial Development Finance Corporation (IDFC) Acts (to transfer ownership of these institutions from the RBI to the Government); a new Deposit Insurance and Credit Guarantee Corporation (DICGC) Act (to make it consistent with financial sector liberalisation); a separate Act for Non-Banking Financial Companies (NBFCs) (to provide enhanced protection to depositors of NBFCs); amendment to Banking Regulation Act (to encompass areas of security laws and regulatory framework of banking), amendment to Negotiable Instruments Act (to bring it in conformity with the Information Technology Act, 2000 to bring electronic cheque, securitised certificate and other evolving products within its ambit); enactment of Bill on asset securitisation (to create an enabling environment for market for asset securitisation).
Apart from legislative changes, an important aspect relating to the supervisory framework for Urban Cooperative Banks has been proposed. This would need to be pursued in consultation with the Central and State Governments. Tasks ahead for the Reserve Bank of India First, RBI has already forwarded the draft amendments to the various acts, which is under consideration of the Government.