Union Finance Minister Nirmala Sitharaman has said that the Central government is making efforts to ensure better regulatory mechanism in the banking sector in the backdrop of PMC and IL&FS debt issues."There have been a lot of questions in the context of PMC Bank and earlier in that of IL&FS issue. The Reserve Bank of India is looking at the issues and ensuring that steps are taken within the RBI, which will strengthen their supervisory and regulatory roles," Sitharaman said on Saturday.

The Finance Minister indicated that there is a consensus inthe government to make legislative changes or amendments to enable and empowerthe regulatory bodies.

"Such measures are required to make sure that themarkets and banks are better regulated and any anomalies because of themisnomer or because of the way in which chief of these institutions have takenliberty with the existing rules are all corrected," she said addressingthe 6th G Ramachandran Memorial Lecture here.

Sitharaman said that these actions are for the betterment ofthe bank account holders.

"Today there has been a structural change in the way inwhich businesses have run their affairs over the millennia. Indian businesseshave largely remained in the informal sector. The formalisation of the Indianeconomy is a big journey, which is having a bearing on the medium and smallentrepreneurs," she said.The minister said that non-performing assets(NPAs) multiplied between 2007-08 and 2013 and had become a burden on thebanks' books.

Retorting to the "mini-budget" remark of theOpposition parties, Sitharaman said that actions were being announced everyFriday to reassure the sectors in a challenging situation.

"We have to respond in time and each time so that themood in the country is that there is a government that wants to respond and iscommitted to structural reform," Sitharaman said.

She said that expectations from bureaucracy are far morethan it was earlier as the government is bringing experts from outside to workwith the bureaucrats.

"Industrial policy and export policy are also things inwhich we are moving ahead, being compliant of everything the WTO wants us todo. We will be ensuring that the Indian exporters are facilitated and helpedout so that they are far more competitive in the market," Sitharamanadded.