The panel also recommended unified Financial Redress Agency under Finance Ministry for customer grievances.
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.
The abolition of wealth tax is again a welcome step.
The three main regulators have different approaches to grievance redressal and different standards to stop harmful from coming pitched at the consumer.
Experts have started giving comments on provisions that the govt must make in Budget 2016-17.
The proposed IFC disrupts existing regulatory structures.
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Stating that there are strong inter-linkages between banks, NBFCs and other deposit-taking entities, he said for monetary policy to be effective and financial markets to remain stable, they should be regulated by the central bank.
The finance ministry has put out a revised draft in public domain.
Indian economy about to take-off
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