Dr. Rangarajan, the then Governor deputed me to attend the fourth Central Bank Governors Symposium in London on my way to the annual meeting of Bank for International Settlements at Basle. The broader issue of financial regulation and the contemporary issue of single regulator had then just been decided upon in United Kingdom.
In view of recent interest in the subject in India, I thought that I should share my thoughts on the choice between single and multiple regulators for our financial system. It is a great personal honour to me that Dr. I.G. Patel is presiding over this session as his scholarship, statesmanship, sage counsel, and outstanding leadership are admired by all of us.