Indian regulators still have “miles to go” in improving financial sector resilience, despite signs of progress, the Reserve Bank of India’s Rajeshwar Rao said on June 16.

The RBI deputy governor said regulators are carrying out a major project to overhaul the “prudential norms” they apply to firms’ investment portfolios. He told a conference that Indian markets had developed rapidly in recent years, leading to a “widening gap” between existing rules and global standards.

Another area of focus