Sinha discusses bankruptcy law, FRBM Act with MF players

Minister of State for Finance Jayant Sinha met mutual fund players here today and discussed issues like regulation, bankruptcy law and various government initiatives.
The minister heard MF houses' views on the new bankruptcy law. He also talked about bank consolidation on the back of SBI proposing merger of five associate banks with itself, sources told PTI.
The minister also said he will help facilitate a dialogue with Sebi on major issues concerning the industry. Fiscal Responsibility and Budget Management (FRBM) Act was also discussed during the meeting, the sources added.
The government has formed a high-level FRBM panel under the chairmanship of former revenue and expenditure secretary and MP N K Singh to review the FRBM Act and examine the need to have flexible fiscal deficit targets instead of fixed ones.

MF representatives informed the minister that some major matters concerning the industry are pending with Sebi, including the commission issue.
Sinha, who also visited Sidbi office here yesterday, tweeted, "Reviewed progress of Mudra Yojana at Sidbi office in Mumbai. Small enterprises are key to create jobs for our youth."

Sidbi has developed an online application platform for Mudra and Stand-up India loans.
"This board, which was launched by Prime Minister Narendra Modi in Noida on April 5 and which has 8,000 branches based on IFSC code, has already got 72,500 hits so far. Total of 121 persons have already applied online and we have got 792 online registered applications as of now," Sidbi Chairman and Managing Director Kshatrapati Shivaji told PTI.

"We are connecting application and borrower banks and all concerned government and non-government departments like district industries centres and skill centres so that government related schemes can also benefit and the facility is also available for Mudra, Stand-up India and SME loans," he said.