UPA's return to give push to financial sector reforms

NEW DELHI: Financial sector reforms are likely to get a push in the coming days, which were relegated to the back seat due to persistent opposition from the Left parties, with the Congress-led UPA set to form the next government.

"We have to see what the constitution of the new government is. Reforms would certainly get a push," interim pension regulator PFRDA Chairman D Swarup told reporters.

Pension, insurance and banking sector reforms are there before the government, he said, adding, it is up to the government to decide whether to take on reforms together or pursue one-by-one.

The new government has to prioritise which reform to carry forward, the PFRDA Chairman said.

Speaking about the PFRDA Bill, he said, the Bill has to be re-introduced in Parliament as it has lapsed.

The Pension Fund Regulatory and Development Authority (PFRDA) Bill was introduced by Finance Minister P Chidambaram way back in 2005 to replace the ordinance promulgated in 2004 for setting up the regulator.

The bill was referred to the Parliamentary Standing Committee after the Left parties opposed the legislation. The standing committee recommended the bill with some modifications.