Having a super market regulator to monitor financial stability is a fantastic idea (RBI for super regulator in the fin market, August 18). If such a regulator is created, it would be in keeping with the times. As stated by governor Subbarao, ensuring financial stability should be the explicit objective of the central government and RBI. That would also leave RBI to focus on its core functions effectively. Rightly so, there is also a need to strike a fine balance between financial innovation and financial regulation if a GDP growth rate of over 9% on a sustainable basis is to be achieved.
Srinivasan Umashankar Nagpur