November 20, 2009

The Associated Chambers of Commerce and Industry of India (ASSOCHAM) has welcomed the Government's move to set up a regulatory board for all banks.''We are happy to learn that the government had moved in to set up Banking Regulatory Board'', ASSOCHAM President Dr Swati Piramal told reporters here today after releasing a report on ''Sustaining growth momentum in Gujarat''.

She said ASSOCHAM had earlier approached the Reserve Bank of India to ensure a regulatory system for banks.Terming small banks as pillar of democracy, Dr Piramal said ''risk management'' was paramount in banking sector. ''Innovation and regulation should go simultaneously'', she said.The new ASSOCHAM chief stressed the need for ensuring long term finance to small and medium industries.