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Prof. Viral Acharya on centralized banking regulation in India

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Excerpt from LiveMint -- "What a unified regulator allows you to do is take a very holistic view on the system, not just a banking view or insurance view or a markets view. A unified regulator typically does consist of representatives from these different regulatory agencies and they all come together and can take a holistic view. The downside is that if this unified regulator becomes in some sense the authoritative regulatory figure, then you might see very little regulatory innovation, which is often necessary because as the institutions change, as the markets change, the regulators have to evolve their policies and usually this works much better with a decentralized regulator than with a single central regulator."

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