Two pieces of news did not get the attention which they deserved — the Reserve Bank of India’s (RBI’s) norms for financial market infrastructures (FMIs) and an announcement by the ministry of finance that unlisted Indian companies may be allowed to list overseas.
FMIs, by definition, cover payment systems and services, central securities depositories, settlements, counter-parties and trade repositories. They essentially ensure that the entire macro-financial system functions effectively and efficiently, facilitating the flow of credit and monies to and from consumers, farmers and businesses during times of stress.
The insurance business, integrated-billing platforms and other payment-system operators are also an integral
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