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The Economic Survey for 2008-09 tabled Thursday has called for banking and financial market reforms, including increasing foreign investment in banks in a phased manner and lifting of ban on commodity futures.

It also called for expediting passage of the Banking Regulations (Amendment) Bill and allowing high net worth individuals to invest directly in capital markets rather than go through the controversial participatory notes route.

The passage of the Banking Regulations (Amendment) Bill will allow greater flexibility to banks in terms of managing liquidity requirements, liberalise investment regulations and allow the Reserve Bank of India greater powers such as right to supersede a bank's board of directors if it was in public interest.

The survey, in one of its recommendations, advocated allowing high net worth individuals to invest directly in capital markets through authorised Indian investment intermediaries.

Read More at the Source : Times of India

Economic Survey Report for 2008-09 can be checked on the link below :

http://indiabudget.nic.in/es2008-09/defaultes.htm