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Need for tighter regulations in banking: expert
indian parliamentarian Manish Tewari
has highlighted the necessity of central
regulators tightening their grip on banking
systems to ensure that no other economic
turmoil is infl icted due to fi nancial
Tightening banking systems and the development
of a proper regulatory framework
would help prevent the current fi nancial crisis
from turning into a humanitarian crisis, said
the Indian National Congress spokesperson.
Speaking at a session on ‘Practical answers
for overcoming political and economic obstacles’,
held as part of the Doha Forum yesterday,
Tewari, said the Indian banking system
could withstand the turmoil due to nationalisation
policy initiated in 1969. The second
phase 11 years later helped strengthen the Indian
banking sector further, he recalled.
“Compare this with what happened in
countries like the US where a number of
banks bit the dust. The US government had
to intervene to save a number of its banks
from crumbling,” he said.
The speaker wondered if it was the absence
of regulatory interventions at appropriate
junctures that resulted in the fall of a
number of fi nancial institutions worldwide.
“The Indian government doesn’t believe
that nationalisation alone could boost the
economy. It is clear in its perception that it
is not government’s duty to do business but
it is certainly its duty to check the greed of
fi nancial institutions,” said Tewari.
Calling for more regulation in the fi nancial
system, Tewari sought the introduction of
sterner measures while granting licences for
banks and other fi nancial institutions. “Such
concerted steps would eventually strengthen
the economy,” he said.
The speaker also felt that transparency in
corporate dealings is a necessity and in the
ongoing crisis its necessity is more felt than
ever before in many countries.
Highlighting the importance of GCC governments
diversifying their economies, Tewari
said such initiatives would stand them
in good stead in the event of a fall in the prices
of their main exports.

source :-www.gulf-times.com
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