Ex-RBI DG asks regulators to 'introspect' after recent instances of unease
Citing recent instances of their proposals creating unease in the industry and decisions getting overruled or withdrawn, Former Reserve Bank of India (RBI) Deputy Governor S S Mundra on Friday called for an "introspection" among financial regulators.
The career central banker, who served as the Deputy Governor of the RBI for three years ending 2017, cited recent instances involving both the RBI and Sebi.
"There is a little bit which is there, for which regulators also need to introspect," Mundra said, while speaking at an event organised by industry lobby grouping Assocham here.
He mentioned that the Reserve Bank has had to roll back the regulations on alternative investment fund investments for banks after an uproar in the industry and it is also grappling with concerns raised by the industry over its proposals on higher provisioning for project finance.
Without mentioning the exact instances, Mundra also said the apex court of the land has had to intervene by asking regulators to