The Centre is toying with the idea of setting up a dedicated financial services cadre, that could be deployed in various administrative and regulatory organisations related to the financial sector.
This could help address the human resource problems faced by various segments of the financial sector, especially those regulatory institutions overseeing the banks and the capital market.
TRAINING
A financial services cadre of, say, 1,000 professionals could be set up and provided with intensive training and global experiences on financial markets.
Its personnel could be posted in regulatory agencies such as SEBI, the RBI and also in, the Finance Ministry and rotated among these organisations, Mr R. Gopalan, Economic Affairs Secretary, suggested at a Future of Financial Markets (FOFM) event, organised by the Financial Technologies Group in the Capital.
LACK OF SKILLED MANPOWER
There is a lack of skilled manpower to oversee the growing financial sector and a concerted effort must be made to build capacity for the coming years, he noted.
CONSUMER PROTECTION
Mr Gopalan also underscored the need for a better legal framework for consumer protection, stating that the emphasis should be more on prevention rather than redressal of grievances.
Time and again, the Government has relied on the Indian Administrative Service (IAS) cadre to fill the vacancies at the top positions of various regulatory agencies.
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