Recently the Prime Minister has launched the indigenously-developed National Common Mobility Card (NCMC).Dubbed as ‘One Nation One Card’, the inter-operable transport card would enable the holders to pay for their travel expenses (bus, metro, railways), toll taxes, parking charges, retail shopping and even withdraw money across the country.This type of system already exists in various developed countries like UK, Singapore, etc. and now it will be used in India too.
Recently, an inter-ministerial committee on the regulation of the payments system in India has submitted its report to the finance ministry. However, the RBI has opposed its proposal to establish a separate and independent regulator for the payments sector in India.
The Infrastructure Leasing and Financial Services (IL&FS) crisis exposes the weakness in India’s financial regulatory architecture. It highlights the need for suitable reforms in regulatory mechanisms since the consequences are widespread.
Recently, the Union Ministry of Finance decided to merge three public sector banks namely Bank of Baroda, Dena Bank and Vijaya Bank. However, the decision to merge at the time of weakening trend of banks has raised serious concerns.
Insolvency and bankruptcy code (IBC) was introduced in 2016 to address the mounting bad
loans (NPAs) problem. In this scenario, there are new performance and legal issues arising
from the implementation of IBC...