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Financial sector reforms in India

Author

Listed:
  • Pandey, Radhika

    (National Institute of Public Finance and Policy)

  • Patnaik, Ila

    (National Institute of Public Finance and Policy)

Abstract

India's financial landscape has changed dramatically over the last decade. While India's financial needs are growing, the current regulatory arrangements inhibit growth. This paper discusses the limitations of the present financial regulatory system. The evolving discourse on financial regulatory reforms recognises that the motivation for state intervention in finance must be guided by an understanding of the sources of market failure. This paper summarises the sources of market failure and identifies areas of state intervention in finance. Drawing on this approach, the Government backed Financial Sector Legislative Reforms Commission (FSLRC) prepared a single unified law- the Indian Financial Code (IFC) that seeks to modernise the Indian financial system by transforming the laws, the regulatory architecture and the working of the regulators. This paper discusses the components of the draft Indian Financial Code and describes the state of progress in implementing the IFC framework.

Suggested Citation

  • Pandey, Radhika & Patnaik, Ila, 2019. "Financial sector reforms in India," Working Papers 19/267, National Institute of Public Finance and Policy.
    • Handle: RePEc:npf:wpaper:19/267
    Note: Working Paper 267, 2019
    as

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    File URL: https://www.nipfp.org.in/media/medialibrary/2019/05/WP_267_2019.pdf
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    References listed on IDEAS

    as
    1. Mukherjee, Sacchidananda, 2019. "State of Public Finance and Fiscal Management in India during 2001-16," Working Papers 19/265, National Institute of Public Finance and Policy.
    2. Shah, Ajay & Patnaik, Ila, 2011. "Reforming the Indian financial system," Working Papers 11/80, National Institute of Public Finance and Policy.
    3. Pandey, Radhika & Patnaik, Ila, 2016. "Legislative strategy for setting up an independent debt management agency," Working Papers 16/178, National Institute of Public Finance and Policy.
    4. Jena, Pratap Ranjan, 2019. "Living under Fiscal Rules: Fiscal Management Response and Resource Allocation Choices for State of Odisha," Working Papers 19/264, National Institute of Public Finance and Policy.
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    Cited by:

    1. Ali, Heba & Hegazy, Aya Yasser, 2022. "Dividend policy, risk and the cross-section of stock returns: Evidence from India," International Review of Economics & Finance, Elsevier, vol. 79(C), pages 169-192.
    2. Sikdar, Satadru, 2019. "Rate of Return to Education in India: Some Insights," Working Papers 19/270, National Institute of Public Finance and Policy.
    3. Pandey, Radhika & Patnaik, Ila, 2019. "Fiscal policy cyclicality in South Asian economies," Working Papers 19/268, National Institute of Public Finance and Policy.
    4. Pandey, Radhika & Patnaik, Ila & Shah, Ajay, 2019. "Measuring business cycle conditions in India," Working Papers 19/269, National Institute of Public Finance and Policy.

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