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Click here to read views of Dr Bimal Jalan, Governor, Reserve Bank of India
Mr Montek Singh Ahluwalia, Member, Planning Commission
He felt that credit skills in banks needed to be upgraded because the Fiscal Responsibility Act might force a reduction in the allocation of money for investment in Government securities in future. Due to the transition to a global economy he stressed need of credit skills different from those used for lending in a closed economy, insulated from competition.
He also emphasised the need for world-class training, organisation restructuring and improved human resources management due to the intense competition from non-public sector banks and mutual funds.
He also felt that the SICA (Sick Industrial Companies Act) should go. New bankruptcy laws should be in place.
Mr N. Vittal, Central Vigilance Commissioner
Mr N. Vittal suggested that banking secrecy laws must be amended so that names of wilful defaulters of banks can be made public. Also asked for both SICA and BIFR to be scrapped.
Corporate governance has become important in the context of globalisation. There has to be a system which encourages transparency,he added. The banks were facing an extremely competitive environment and hence, boards of public sector banks should have professionals.
Mr M.S. Verma, Chairman of the Telecom Regulatory Authority of India (TRAI)
Mr M.S. Verma, said that the Basel Committee recommendations on banking supervision were the best document as it clearly laid down pre-conditions on good governances, practices, organisational structures and measures and the environment that supported these systems, he added.
Mr Verma also said a balance between the different stakeholders, board, management, shareholders and others such as creditors, employees etc., had to be created.
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