The Bank has been taking steps to adapt its regulatory methodologies to the requirements of these new institutions and has been upgrading its personnel to cope with the rapidly evolving financial environment – an environment that requires a new regulatory approach to deal with conglomerate structures, consolidated supervision, cross-border holdings and ownership, a whole new emphasis on governance and an assessment of institutions own risk management frameworks.
Moreover, in many areas of government and regulation, as the economy develops, we need more specialists, with the domain knowledge and experience. For instance, well-trained economists are at a premium throughout the government, and there are far too few Indian Economic Service officers to go around.