Such inconsistencies need to be removed while reviewing banking laws. 34. The need for revisiting the statutes has been buttressed by the experience of the global financial crisis. The crisis has thrown up a number of areas requiring significant legislative action either because there is no legislation or because the prevailing legislation is inadequate.
Illustratively, issues requiring legislative attention include the orderly resolution of failing banks and financial institutions, domestically as well as cross-border, home-host regulatory cooperation in information sharing, convergence of Indian Accounting Standards with IFRS, empowering RBI for consolidated supervision, supervision of financial conglomerates, etc. 35. The task of rewriting the laws governing the banking sector should be driven by several somewhat inter-related motivations.