The finance ministry has put out a revised draft in public domain.
Of the seven members, four are proposed to be government nominees and the rest from RBI.
India needs a place where all regulators could gather and function as in a war room.
The central bank and Indian government has reached a "broad consensus" on the composition of a rate-setting panel.
India's political infighting is denting business confidence.
The Financial Sector Legislative Reforms Commission had in a report last year proposed a unified regulator for the entire financial sector -- markets, insurance, commodities and pension. It had, however, proposed to keep banking out of its purview for now.
Finance Minister P Chidambaram on Monday slammed "unregulated" players in the financial market saying their activities have adversely impacted large number of consumers.
Govt likely to get full control on policy rate.
'The quick fixes have failed; there is now no alternative to deeper reforms,' says Ajay Shah.
The government has proposed to implement GST from April 1, 2016, and the new Finance Commission may be set up ahead of its schedule to look into the issues related to the new indirect tax regime.
The Financial Sector Legislative Reforms Commission, chaired by Justice B N Srikrishna, has suggested a non-sectoral, principle-based approach to revamp the existing framework.
'It's still very early. I have just been handed over the matter and therefore I haven't formed any views on it as yet,' Justice B N Srikrishna tells Pavan Lall.
Urjit Patel panel wanted all members to be appointed by RBI
The bad loans of public sector banks were at 4.4 per cent in March 2014 compared with 2.09 per cent in 2008-09, it said, adding, the gross NPA increased by almost four times from March 2010 (Rs 59,972 crore or Rs 599.72 billion) to March 2014 (Rs 2,04,249 crore or Rs 2,042.49 billion).
The MPC states that the 4 external members will have a tenure of four years each.
Report points out corporate vulnerability indicators remain elevated.
Media has gone beyond its traditional boundaries.
The proposed IFC disrupts existing regulatory structures.
'If the RBI had done the right things, these mistakes would not have happened in banks, public or private,' says Ajay Shah.
Relying on the private sector to undertake infrastructure investment may not be a realistic proposition.
Defining challenge in India is augmenting state capacity, says Finance Minister P Chidambaram.
Finance firms in these SEZs likely to get tax breaks.
Chaos in Parliament threw a spanner in the government's efforts to revive the economy and kick-start reforms.
'Government of India has the right to give directions to RBI'.
The government has at last commenced important structural reforms.
All these measures will revitalise the manufacturing sector, which has been in doldrums.
The RBI expects change, presumably commencing in the next Budget, but must hold its current view until this actually happens.
If this Budget was not packaged and sold as a Budget for the poor and for farmers, Narendra Modi would have lost the next election.
Balance is needed in selecting members for the proposed monetary policy committee, says Abheek Barua.
2015 is set for a lot of changes - and some that we would like to happen
The year 2014-15 could well go as one of long-pending financial sector reforms, expected to have a lasting impact.
FY16 GDP growth was seen at 7.5%, against 8.1-8.5% earlier.
This Budget plans for an increase to 10.3% of GDP from 9.9%.
Increase in tax exemption limit by Rs 50000 is positive for the FMCG sector, as it will leave more discretionary income in the hands of consumers.
Finance Minister P Chidambaram, while addressing the Carnegie Endowment for International Peace on "Recapturing India's Growth Momentum" in Washington on Thursday, said that the leading think tank need not launch an initiative to explore how India will vote in 2014, declaring that the Indian polity will vote the Congress back into power.
The government has provided a long-term vision.
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