:: FINANCIAL SECTOR :: * To take up insurance regulator bill for consideration * To address low penetration of insurance * Suitable incentives for increasing reach of insurance * RBI will create framework for licenses of small banks * Govt in principle agrees to consolidation of PSU banks * Propose to revamp small savings scheme * Framework for differential bks for small businesses, poor * Govt to infuse Rs 112 billion in PSU banks FY15 * To provide all households with banking facilities * There should be at least 2 bank accounts in each household * To work on revival of banks stressed assets * To set up 6 new debt recovery tribunals * Rising NPAs of banks a matter of concern * To introduce uniform KYC norms * PSU banks allowed to sell shares to meet Basel-III norms * PSU bks need Rs 2.4 trillion to meet Basel-III norm 2018 * Bks capital to be raised by retail shareholding directly * Govt will continue major holding in PSU banks * Will examine proposal to give additional autonomy to banks * To infuse money in PSU banks via sale of shares to public * Propose to allow banks to issue long-term infra bonds * Propose number of measures to energise Indian capital mkt * Time-bound fincl inclusion plan on Aug 15 * Adoption of new Indian accounting standard mandatory FY17 * To strengthen regulatory framework of commodity mkt * To introduce single Demat acct for all fincl transactions * To implement warehousing receipt plan with vigour * To revamp IDRs and introduce Bharat Depository Receipts * Extend 5% withholding tax on all India co bonds to Jun 2017 * To allow international settlement of India debt securities * To liberalise ADR, GDR regime * Advised regulators to deepen FX mkts * Extend eligibility date for FX borrow to Jun 30, 2017 * To complete consultation on Indian Fincl Code expeditiously * Aim to encourage fund managers to shift to India * MF investments need to be of at least 36 mos to be defined long-term * To set up panel to look at unclaimed PPF accounts * Panel to moot ways to use unclaimed PPF, pension fund money * EPFO to launch unified account scheme * Annual PPF deposit ceiling to be raised to Rs 150,000 * Will bridge regulatory gap for chit funds * Fincl stability foundation of rapid recovery * Urgent task of policy is to kick-start invest cycle * To help PSUs invest retained earnings in capital projects
Posted on: Sat, 12 Jul 2014 07:24:18 +0000
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