New Delhi, July 12: Concerned over dilution of its role in dealing with inter-regulatory disputes, RBI Governor D Subbarao today asked the government to relook the Ordinance it had issued last month to end the IRDA-SEBI turf war over control of ULIPs.
At a meeting with Finance Minister Pranab Mukherjee here, Subbarao raised issues concerning the role of the central bank in the light of the Ordinance.
“I have come to meet the Finance Minister in connection with the Ordinance that they have issued regarding settlement of dispute on regulatory jurisdiction. RBI has certain reservations and concerns, which we have expressed in the letter,” he told reporters after the meeting.
Fearing that the Ordinance would dilute the central bank’s role as financial sector coordinator, the RBI has reportedly requested the finance ministry to let the Ordinance lapse and not covert it into a law.
–Agencies