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Saturday, June 03, 2006

McKinsey Global Institute reports on Indian and Chinese financial systems

There's been a lot of talk about the twin McKinsey Global Institute reports on the Chinese and Indian financial systems (original URL). Their suggested priorities on India are:

  • Lift most priority lending requirements, asset allocation restrictions, and guaranteed deposit schemes.
  • Reduce state ownership and increase competition in banking.
  • Lift restrictions on foreign ownership of banks.
  • Spur development of the corporate bond market.
  • Strengthen contract enforcement and bankruptcy procedures.
  • Deregulate the insurance industry.
  • Ensure New Pension System implementation without diluting the principles.
  • Continue reforms of mutual fund industry.
  • Introduce gold deposit scheme.
  • Spur faster development of payments system.
  • Separate the regulatory and central bank functions of RBI.
  • Lift remaining capital account controls.

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