Hi all, I have my interview scheduled in the second half of September. For people who are still left with their interview, if there is someone willing to do some mock interviews, you can please ping me. I feel it will help us both in streamlining our prep and in getting a sense of where the prep is going
What is FSLRC?
The Financial Sector Legislative Reforms Committee (FSLRC)Let’s try to understand the significance of FSLRC and its role.Formation of the CommissionThe Finance Minister in his Budget speech of 2011-2012 announced the formation of FSLRC to rewrite and harmonise financial sector legislations, rules and regulations. The resolution notifying the FSLRC was issued by the government in March 2011.
Chaired by Justice BN Srikrishna, the Commission has a diverse mix of expert members drawn from the fields of finance, economics, public administration, law, etc.Purpose of formationFSLRC was formed as most legal and institutional structures of the financial sector in India had been created over a century. Many financial sector laws date back several decades, when the financial landscape was very different from that seen today.
There are over 61 Acts and multiple rules and regulations that govern the financial sector. For example, the SEBI (Securities and Exchange Board of India) Act does not give the regulator powers to arrest anyone but tasks it with penalising all market related crimes stiffly. The Reserve Bank of India (RBI) Act and the Insurance Act are of 1934 and 1938 period, respectively.
The Commission was formed to review and recast these old laws in tune with the modern requirements of the financial sector. FSLRC plans to eliminate 25 of the current 61 laws that currently govern the financial sector and amend many others.
FSLRC moots single regulator
The FSLRC submitted its report in March 2013. It came up with its recommendation spread over two volumes and 439 pages. The Commission has proposed an Indian Financial Code Bill 2013 to create a Unified Financial Authority (UFA) and bring about reforms in financial sector regulations. The panel suggested that SEBI, IRDA, PFRDA (Pension Fund Regulatory and Development Authority) and the Forward Markets Commission (FMC) be merged under one regulator—UFA.
However, RBI (Reserve Bank of India) will continue to be the banking regulator. The new UFA would subsume watchdogs for insurance, capital markets, pension and commodities while letting the RBI continue its supervisory role over the banking industry.Consumer protectionAccording to FSLRC, all financial laws and regulators are intended to protect the interest of consumers. Hence, a dedicated forum for relief to consumers and detailed provisions for protection of unwary customers against mis-selling and defrauding by smaller print etc has been recommended.
The FSLRC report proposes certain basic rights for all financial consumers. For lay investors, the report proposes additional set of protections. The Commission has recommended some amendments to existing laws and new legislations. These changes will have to be carefully brought about accordingly.
Some basic protections consumers would expect include that financial service providers must act with due diligence. It is essential to protect investors against unfair contract terms, unjust conduct and protection of personal information. The FSLRC report also recommends fair disclosure and redressal of investor complaints by financial service providers.
Financial Regulatory Architecture Act
The proposed regulatory structure will be governed by the Financial Regulatory Architecture Act that will ensure a uniform legal process for the financial regulators. The finance ministry will unify the regulatory structure before tweaking the legislative structure. It may take two years for the report to be implemented in a phased manner.Judicial reviewThe panel has recommended judicial review of regulations. The report has suggested a sunset clause of 10 years. In other words, the laws would be reviewed every 10 years. The committee also recommended giving required attention to debt management and setting up a financial redressal agency and a financial stability and development council.
PagalGuy Mentors & Users.
is it possible to reschedule SBI PO interview or RRB PO pre exam date.???
My SBI PO interview & RRB PO Pre exam are on same date (9 Sep.).
plz share information regarding rescheduling of SBI PO interview date or RRB PO pre exam date.
https://wordpress.com/post/bhawblogs.wordpress.com/164
please read and score my Essay. Suggest improvements.
31 August 2017 Hyderabad. My interview was average Panel was very cool.. They really try to help you.. Questions were simple, they start off with a simple question and follow it up with another if you answer it correctly... Questions : related to my post graduation, sectoral cap on loans for individuals and corporates and sectors, need of sectoral cap? Who decides these rates ?? SBI merger (I work for sbi) , perceived advantages of merger Systemically important banks ? How do you decide whether a bank Is SIB or not ? Sib international vs Indian what are the differences ? LAF?
Where will interviews be held after 1 st Oct? Is It still possible to reschedule my Interview?
My interview experience. Panel is very helpful. They ask for your general background. They mostly asked economy and finance related questions from me as I have finance background. Also certain work experience related questions were asked. My interview experience is similar to the one mentioned below by . Overall I had average interview. Questions were asked relating to Gold monetisation scheme, gold bond scheme, small finance banks and payment banks, corporate governance and specific finance questions. They start with a general and proceed to a specific question. There were a mix of factual and analytical questions this time. I hope this will help. All the best.
Guys! Here is the RBI Grade B 2018 fresh course by Susheel Ragade. Enrolments have started: http://bit.ly/RBIGradeB_2018
for rbi 2018 preparation whose study material will be better edutap or ragade(prepathon)
FSLRC:
Financial Sector Legislative Reforms Commission (FSLRC) was set up by the Indian Government in pursuance of the announcement made in Union Budget 2010-11, to help rewriting and harmonizing the financial sector legislation, rules and regulations so as to address the contemporaneous requirements of the sector. The resolution notifying the FSLRC was issued on March 24, 2011. FSLRC had a two year term.
The Commission was chaired by Supreme Court Justice (Retired) B. N. Srikrishna, and had ten members with expertise in the fields of finance, economics, law and other relevant fields. The secretariat was placed at National Institute of Public Finance and Policy (NIPFP). Secretariat consisted of a Secretary at the level of Joint Secretary to the Government of India and other officials and support staff.
The establishment of the FSLRC is the result of a realisation that the institutional foundation (laws and organizations) of the financial sector in India needs to be looked afresh to assess its soundness for addressing the emerging requirements in a rapidly changing world. Today, India has over 60 Acts and multiple Rules/ Regulations that govern the financial sector. Many of them have been written several decades back. For example, the RBI Act and the Insurance Act are of 1934 and 1938 vintage respectively and the Securities Contract Regulation Act, which governs securities transactions, was legislated in 1956 when derivatives and statutory regulators were unknown in the financial system. A Large number of amendments were, therefore, made in these Acts and regulations at different points of time to address various needs. But these have also resulted in their fragmentation, often adding to the ambiguity and complexity of regulations in the financial sector.
Key Recommendations of the committee:
The commission has proposed a sector-neutral Indian Financial Code to replace multiple and old financial sector laws, splitting the regulation between the Reserve Bank of India and a new ‘Unified Financial Agency’ that will oversee the remaining financial sector. In effect, the proposed unified financial sector regulator would subsume, repeal and basically every existing law that deals with sector regulators like Sebi, IRDA, PFRDA and at least some functions of the Forward Markets Commission. These laws include principal and main legislations like the Securities and Exchange Board of India Act (Sebi Act), the Reserve Bank of India Act (RBI Act). Even as the RBI Act is separate, all other laws (essentially 20 laws) would get repealed, while there would be amendments in many other laws. In short the Securities and Exchange Board of India ( Sebi),Forward Markets Commission (FMC), Insurance Regulatory and Development Authority ( IRDA) and Pension Fund Regulatory and Development Authority (PFRDA) should be merged into this new agency.
A Financial Sector Appellate Tribunal will hear appeals against all financial sector regulators and into which the existing Securities Appellate Tribunal will be subsumed and a Resolution Corporation will replace the Deposit Insurance and Credit Guarantee Corporation of India, which assists in closure of distressed financial sector institutions.
According to the report RBI will be divested of its powers over management of public debt, which is currently one of its subsidiary functions. The Debt Management Bill, likely to be considered by the Cabinet, proposes a separate debt management office to be attached to the finance ministry. The report also recommends creation of a public debt management office, a recommendation that was criticized by RBI when the draft report was issued for consultations.
It also recommends empowering the existing Financial Stability and Development Council, by making it a statutory body responsible for managing risk and crises in the financial system. The report also recommends setting up of a financial data cell, which will look out for systemic risk in the financial sector, especially the ones arising out of the financial conglomerates.
In short, seven pillars of the new Law are:
Reserve Bank of India: Regulator of Banking & Payments monetary policy.
Unified Financial Agency: Regulator of financial firms and activities other than banking and payments.
Resolution Corporation: Deals with closure of distress in firms.
Financial Redressal Agency: Single window complaint mechanism against financial institutions and intermediaries.
Financial Stability & Development Council: Recast as statutory body. Will mange systematic risks and development.
Public Debt Management Agency: Government’s debt manager.
Financial Sector Appellate Tribunal: Will hear complaints against all financial regulators.
It is apparent by the report and recommendations, the overarching objective of the panel is to create a uniform legal process for financial-sector regulators, who would all be statutorily adequately empowered and therefore effectively pursue protection for the consumer’s interests.
Hey guys, I did not know that the precise needs to be given a tite also, I did not write it. How much affect can it have on evauation?
my evaluation:
ESI + ENG+ FM + INTERVIEW
67-72 + 65-70 + 58-62 + 30-35 = 220- 239
category- SC
My evaluation (SC CAT)
ESI + FM + ENG + INTERVIEW
63 + 53 + 70-72 + 25-28
Do I have a chance ?
My interview was over all good except one incident.
The south Indian Sir : What is the share of manufacturing in WPI ?
ME : 54 PC WITH FULL CONFIDENCE
Sir : 54 pc ? ( with a weird look)
me : yes sir.
PS : Actually it is 64 pc.I just said 54 pc as I was confused between 64 and 54. So basically I gave a wrong answer with full confidence.I think I could have said I dont know Sir.
How will this incident impact my marks?
People here are doubtful of RBI recruiting Grade B officers in 2018...someone also said RBI is not known for regular recruitments. Is this true?
Hello folks !
Need some valuable suggestions. What are the best study materials available in the market for RBI Grade B ??
I can manage the GA part since I have already started following a page where I can get my daily dose of news. But the ESI and FM papers are really a pain in the ass since I have no idea (literally) in these subjects. Kindly suggest some good materials for these two papers.
Some important points:
1. Handwritten notes of these subjects in printed form would make things quite easier.
2. Online materials are okay but all the coursework or the detailed info should be part of a single book or a single series of books written in a concise manner. Studying from a variety of books doesnt seem feasible at the moment.
Waiting for some valuable responses.
Hi all, I have my interview scheduled for first week of October. Can anyone please let me know any guidance provided by someone for the same or add me to any WhatsApp/Telegram group relating to same. Cheers! +919458380632
Please confirm the last date of grade b interview?
haii i am 31 years and 3 months old and having one yr experience in bank excluding probationary period..am i eligible for grade b
What could be the final cutoff (phase 2+ interview) this year for Open and SC category?
Is interviewer have your written marks of phase 2 ,during the interview