Finance Minister Nirmala Sithraman in her Budget 2023 speech announced that the government will set up a National Financial Information Registry to serve as a central repository of financial and ancillary information.
A national financial information registry will be set up to serve as the central repository of financial and ancillary information. This will facilitate the efficient flow of credit, promote financial inclusion, and foster financial stability," said the FM.
"A new legislative framework will govern this credit public infrastructure, and it will be designed in consultation with the RBI," the FM added.
The FM said that financial sector regulators will be requested to carry out a comprehensive review of existing regulations to simplify, ease and reduce the cost of compliance.
For this, the FM said the regulators will consider suggestions from public and regulated entities. Time limits to decide the applications under various regulations will also be laid down.
Among other major announcements, the FM said certain amendments to the Banking Regulation Act, the Banking Companies Act and the Reserve Bank of India Act are proposed to improve bank governance and enhance investors’ protection.
The FM also said that an integrated IT portal will be established for investors to reclaim with ease unclaimed shares and unpaid dividends from the Investor Education and Protection Fund Authority.
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