Reserve Bank of India is likely to come up with a slew of measures to strengthen regulation and supervision in the financial sector while improving credit flow to farmers and small companies.

According to RBI Governor Y V Reddy, the central bank has sought views on a wide ranging regulatory issues from the Standing Technical Advisory Committee on financial regulation that was set up last year.

RBI is also considering drawing up a list of financial conglomerates and chalk out a separate monitoring and reporting system for which a working group on Systemically

Important Financial Intermediaries with representation from RBI, Securitie and Exchange Borad of India and Insurance Regulatory and Development Authority, has been set up in 2003.

"The working group is expected to propose a list of financial conglomerates and advise on the monitoring and reporting system," Reddy said, while addressing a book release function in New Delhi on Wednesday evening.

Another working group had been set up to look into the operations of development financial institutions while examine the broader framework of regulation of non-banking finance companies as well. "The group is expected to submit its report shortly," Reddy said.

Apart from the move to strengthen regulations, RBI has also appointed two committees to look into ways of improving credit flow to agriculture and SME sector.