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SummaryThe government on Thursday said it would examine the possibility of setting up a common regulator for the financial sector after receiving the report of Justice BN Srikrishna-headed Financial Sector Legislative Reforms Commission.

Call on regulator after FSLRC report

The government on Thursday said it would examine the possibility of setting up a common regulator for the financial sector after receiving the report of Justice BN Srikrishna-headed Financial Sector Legislative Reforms Commission (FSLRC). "The Commission headed by B N Srikrishna would examine financial sector legislation, including subordinate legislations... the Government would examine the recommendations of the commission, after the submission of report," MoS for finance Namo Narain Meena said in a written reply to the Rajya Sabha.

RBI sets up panel to review balance sheet

The Reserve Bank of India has set up a technical committee to review the form and presentation of its balance sheet and profit and loss account. The committee will be headed by YH Malegam. The committee will look into whether disclosures in the accounts are adequate or need to be increased among other things.

Foreign bank warned it will close NIA a/c

The government said on Thursday a foreign bank had threatened to close down the account of state-owned New India Assurance if it did not stop providing insurance cover to ships ferrying oil from Iran. However, the threat was not executed by the foreign bank, MoS for finance Namo Narain Meena said in a written reply in the Rajya Sabha. "The public sector general insurance companies have not received any such threat except the New India Assurance," said Meena.

WebNMS forays into M2M solutions

WebNMS, a division of Zoho Corp and a leading global provider of network and element management solutions, has forayed into the machine-to-machine (M2M) solutions space with the launch of ATM Site Manager, a revolutionary product for ATMs, developed from Chennai for the global banking industry. M2M technologies promise a future where machines will now be connected through the internet and will actively communicate with each other, transmitting vital data to a central location.

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