The RBIs self-serving bid, Indian Express, 31 January 2012

RBI has asked the Finance Minister to amend the Reserve
Bank of India Act, to allow it to supervise non-bank subsidiaries of
banks. The other regulators should, according to RBI, be relegated
to advisory functions. Doing this would constitute a major change to
existing financial laws. This financial reform would be a
significant step in moving India towards a single financial
regulator, and towards making RBI that regulator. While there is a
strong case for a unified regulator, the task of financial
regulation should be separated from the job of conducting monetary
policy. This would give an independent central bank doing monetary
policy (and nothing else), and a unified second agency doing all
financial regulation and supervision.