India moves to reform government securities market

The Reserve Bank of India may soon lose its position as exclusive banker to the Government of India, reports Business Standard. If the Government Securities Act, which will replace the 1944 Public Debt Act, is passed by parliament, other banks will be permitted to undertake activities related to public debt.

This follows recommendations from a 1997 report of a working group in the central bank, which advised separation of debt management from monetary management and establishment of an indepe

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