A sound legal framework may help deter imprudent risk-taking by financial institutions and reduce systemic risks. Revision of banking sector laws should also be motivated by the recognition that the banking sector has been and remains a critical factor not only for accelerating India’s growth but also for making it inclusive. Harmonising of financial sector legislations, rules and regulations has, therefore, become imperative.
I have tried to give my views from regulatory and financial stability perspective. I hope you all will benefit from today’s discussions. Thank you. 8  BIS central bankers’ speeches