Financial sector institutional restructuring is a priority: President

President Pranab Mukherjee Monday said financial sector institutional restructuring is a priority area for the government.

"Financial Sector institutional restructuring is a priority area. My government will expedite implementation of the recommendations of the Financial Sector Legislative Reforms Commission," the president said while addressing a joint sitting of both houses on the first day of the budget session.

He said the Securities and Exchange Board of India's new Foreign Portfolio Investment Regulations and the Insurance Laws (Amendment) Ordinance, 2014 will enhance capital availability and ensure better access to insurance services, especially in rural areas and for economically weaker sections.

"Small Banks and Payments Banks are being permitted to expand the reach of the banking system," the president added.