Union Finance Minister Yashwant Sinha on Wednesday presented an ambitious and bold budget with a strong reform direction. Reducing cost of capital Debt market restructuring.
Financial sector reforms Financial sector and capital markets reforms to continue.
RBI to set up an electronic Negotiated Dealing System by June 2001 to facilitate transparent electronic bidding in auctions and dealings in Government securities on a real time basis. 7 more Debt Recovery Tribunals to be set up during 2001-02. Legislation to facilitate foreclosure and enforcement of securities in cases of default to be introduced. Banking Services Recruitment Boards to be abolished by July 31,2001 or earlier. Banks to do all future recruitment themselves.