Budget in a nutshell: Financial sector reforms

GN Bureau | February 29, 2016


#arun jaitley   #governance   #economy   #budget 2016   #NDA government  

* A comprehensive Code on Resolution of Financial Firms to be introduced.

* Statutory basis for a Monetary Policy framework and a Monetary Policy Committee through the Finance Bill 2016.Budget 2016

* A Financial Data Management Centre to be set up.

* RBI to facilitate retail participation in Government securities.

* New derivative products will be developed by SEBI in the Commodity Derivatives market.

* Amendments in the SARFAESI Act 2002 to enable the sponsor of an ARC to hold up to 100% stake in the ARC and permit non institutional investors to invest in Securitization Receipts.

* Comprehensive Central Legislation to be bought to deal with the menace of illicit deposit taking schemes.

* Increasing members and benches of the Securities Appellate Tribunal.

* Allocation of Rs 25,000 crore towards recapitalisation of Public Sector Banks.

* Target of amount sanctioned under Pradhan Mantri Mudra Yojana increased to Rs 1,80,000 crore.

* General Insurance Companies owned by the Government to be listed in the stock exchanges.
 

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