Govt making efforts to ensure better regulatory mechanism in banking sector: Nirmala Sitharaman

Union Finance Minister Nirmala Sitharaman has said that the Central government is making efforts to ensure better regulatory mechanism in the banking sector in the backdrop of PMC and IL & FS debt issues."There have been a lot of questions in the context of PMC Bank and earlier in that of IL & FS issue. The Reserve Bank of India is looking at the issues and ensuring that steps are taken within the RBI, which will strengthen their supervisory and regulatory roles," Sitharaman said on Saturday.The Finance Minister indicated that there is a consensus in the government to make legislative changes or amendments to enable and empower the regulatory bodies."Such measures are required to make sure that the markets and banks are better regulated and any anomalies because of the misnomer or because of the way in which chief of these institutions have taken liberty with the existing rules are all corrected," she said addressing the 6th G Ramachandran Memorial Lecture here.Sitharaman said