The country's top four financial regulators on 8 March 2013 signed an agreement among each other for co-operation on consolidated supervision and monitoring of financial groups identified as financial conglomerates- large banks and other key players.
The decisivenesses were taken at a sub-committee meeting of the Financial Stability and Development Council (FSDC) held in the Reserve Bank.
The regulators who signed the pact were the Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), Insurance Regulatory and Development Authority and Pension Fund Regulatory and Development Authority.
The FSDC(Financial Stability and Development Council) meeting, chaired by RBI Governor D Subbarao also approved formulating a national strategy for financial education by incorporating the feedback received from public consultations and from a global peer review, RBI said without providing details.
RBI had on 22 February 2013 released rules on allowing companies to start banks in India and such coordination among regulators is needed for effective supervision.