Subbarao criticises plans to expand powers of regulatory supergroup

subbarao-reservebankofindia

Duvvuri Subbarao, the Reserve Bank of India's (RBI) governor, yesterday questioned proposals that would see the country's Financial Stability and Development Council (FSDC) - something of a supergroup of India's existing regulators - gain executive power over the management of systemic risk.

Subbarao told an audience in Mumbai that giving the council responsibility for safeguarding systemic risk "runs counter to the post-crisis trend around the world" of limiting "collegial bodies" to co-ordinat

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