New Delhi, Aug 25: The Centre for Economy Policy Research (CEPR) plans to submit its report on India Banking Conclave (IBC) in one month's time. The CEPR will report submit its report to the NITI Aayog and to the Union finance ministry within a month and subsequently NITI Aayog will submit its report to the government. CEPR will have a meeting on August 30 in this regard.
IBC was represented by industry people, academician, people from NGOs, people from the government, people from the ruling party and many other stakeholders. A CEPR team will have a meeting with the NITI Aayog on August 30, 2018 to take the matter further, sources said.
Subhash Sharma of the CEPR said that many new suggestions and ideas emerged in the programme and all those will be analyzed and compiled to make a report so that they could be helpful in the policy making process of the banking sector. Banking sector is plagued with many issues.
Union minister of state for home Kiren Rijiju was forthright on the day of inauguration when he had said that the government was here to listen to all and to facilitate such provisions that could prove to be good for the common people. All suggestion to the government from the CEPR will be welcomed.
NITI Aayog was the knowledge partner of the programme. Bharatiya Janata Party general secretary Bhupendra Yadav who is involved in the law making process from long said that there was no such law that can declare anyone bankrupt even after 70 years of India's independent. He took a dig on Vijay Mallya by saying that people have gone to London but their membership still remains. He said that it is not the case that people were not informed about lack of any such important stringent law rather in 1960 Law Commission of India had recommended for bankruptcy law to be made but nothing had happened.
Yadav said that it was not decided till even 1990 that what is the nature of Indian economy and there was indecisiveness in terms of policy and entire system was in the grip of license raj. "We have decided in three months when we have made this Insolvency and Bankruptcy Code (IBC) law. Earlier people used to take dates on the matter of bankruptcy but now matter will be decided in 180 days. Transparency of regulating mechanism is more important. We must not get rigid rather flexible for laws. We make a leap in the ease of doing business. Audit of Banks is different from company," he added.