Developing a Regulatory Framework for Municipal Borrowing in India

This report provides an overview of the municipal debt market as it exists and has evolved over the past ten years. It provides an assessment of trends and patterns from both bank and bond sources covering all types of municipal governments. The overall objective of the work is to assess the regulatory environment pertaining to municipal borrowing in the country and to generate recommendations to improve this in a manner which expands municipal access to private debt finance while ensuring that risk is appropriately allocated and properly priced. More particularly, this report: 1) outlines the need and rationale for expanding access to credit finance on part of municipalities in India; 2) provides an overview of the existing municipal debt market; 3) provides an overview of the chief characteristics of the regulatory environment pertaining to municipal borrowing in India, places the existing regulatory system in international context, and outlines a suggested overall direction for reform; and 4) provides specific recommendations to improve the regulatory regimes over which the state and union governments have respective control.

Bibliographic Details

Main Author:	World Bank
Format:	Report biblioteca
Language:	English en_US
Published:	World Bank, New Delhi 2011-09
Subjects:	ACCOUNTING, ACCRUAL ACCOUNTING, ASSET CLASSIFICATION, ASSET VALUES, AUCTION, BAILOUT, BAILOUTS, BALANCE SHEET, BALANCE SHEETS, BANK ACCOUNTS, BANK CREDIT, BANK LENDING, BANKING INSTITUTIONS, BANKING SECTOR, BANKRUPTCY, BANKRUPTCY PROCEDURES, BIDS, BOND, BOND INSTRUMENTS, BOND ISSUANCE, BOND ISSUANCES, BOND ISSUE, BOND ISSUES, BOND MARKET, BORROWER, BORROWING CAPACITY, BORROWING STRATEGIES, BUDGET CONSTRAINTS, BUDGETING, CAPITAL GRANTS, CAPITAL INVESTMENT, CAPITAL INVESTMENTS, CAPITAL MARKET, CAPITAL MARKETS, CASH FLOW, CASH FLOWS, CASH RESERVE, CENTRAL BANK, COLLATERAL, COMMERCIAL BANK, COMMERCIAL BANKS, COMMERCIAL BORROWING, COMMERCIAL CONTRACTS, COMMERCIAL LOANS, CORPORATE SECURITIES, COUPON, COUPON RATE, COUPON RATES, CREDIT ENHANCEMENT, CREDIT MARKET, CREDIT QUALITY, CREDITOR, CREDITOR CLAIMS, CREDITWORTHINESS, DEBT, DEBT DATA, DEBT INSTRUMENTS, DEBT LEVELS, DEBT MANAGEMENT, DEBT MARKET, DEBT MARKET PLAYERS, DEBT OBLIGATION, DEBT OBLIGATIONS, DEBT RECOVERY, DEBT RESTRUCTURING, DEBT SERVICE, DEBT SERVICE CAPABILITIES, DEBT SERVICING, DEBT-SERVICE, DEBTS, DEFAULT SITUATIONS, DEFAULTS, DEMAND FOR CREDIT, DERIVATIVE, DEVELOPMENT BANK, DEVELOPMENT FINANCE, DISCLOSURE GUIDELINES, DISCLOSURE REQUIREMENTS, DISCLOSURE STANDARDS, DOMESTIC BANKS, DOMESTIC CAPITAL, DOMESTIC CAPITAL MARKET, DOMESTIC DEBT, DOMESTIC DEBT MARKET, ECONOMIC LIBERALIZATION, ECONOMIC RISKS, ENFORCEABILITY, ESCROW, EXCHANGE BOARD, EXCHANGE COMMISSION, EXCHANGE RATE, EXPENDITURE, EXPENDITURES, FACE VALUE, FINANCES, FINANCIAL ASSETS, FINANCIAL CRISIS, FINANCIAL INSTITUTIONS, FINANCIAL MANAGEMENT, FINANCIAL MARKETS, FINANCIAL PERFORMANCE, FINANCIAL SYSTEM, FIXED INTEREST, FIXED INTEREST RATE, FIXED INTEREST RATES, FOREIGN BANKS, FREE BOND, FREE BONDS, GENERAL OBLIGATION BONDS, GOVERNMENT BORROWING, GOVERNMENT GUARANTEE, GOVERNMENT GUARANTEES, GOVERNMENT PAPER, GOVERNMENT SECURITIES, GOVERNMENT SECURITIES MARKET, GOVERNMENT SUPPORT, GRANT FUNDING, HOLDING, HUMAN RESOURCES, IMMOVABLE PROPERTY, IMPLICIT GUARANTEES, INDEBTEDNESS, INFRASTRUCTURE DEVELOPMENT, INFRASTRUCTURE FINANCE, INFRASTRUCTURE FINANCING, INFRASTRUCTURE INVESTMENT, INFRASTRUCTURE INVESTMENTS, INSTITUTIONAL INVESTORS, INSURANCE CORPORATION, INTEREST RATES, INVESTMENT FUNDS, INVESTMENT HORIZONS, INVESTMENT REQUIREMENT, ISSUANCE OF GUARANTEES, LEGAL FRAMEWORK, LEGAL JURISDICTIONS, LEGAL SYSTEM, LENDER, LENDERS, LENDING INSTRUMENTS, LENDING REQUIREMENT, LEVEL PLAYING FIELD, LIABILITY, LIFE INSURANCE, LIFE INSURANCE COMPANY, LIQUIDITY, LIVING STANDARDS, LOAN, LOAN APPLICATIONS, LOAN APPROVAL, LOAN DEFAULT, LOCAL GOVERNMENT, LOCAL GOVERNMENTS, LOCAL INFRASTRUCTURE, LONG-TERM DEBT, LONG-TERM INVESTMENT, MARKET ACCESS, MARKET CAPITALIZATION, MARKET DISCIPLINE, MARKET FINANCE, MARKET PARTICIPANTS, MARKET SHARE, MORAL HAZARD, MORTGAGE, MUNICIPAL BOND, MUNICIPAL BOND ISSUES, MUNICIPAL BOND MARKET, MUNICIPAL BONDS, MUNICIPAL BORROWER, MUNICIPAL BORROWERS, MUNICIPAL INVESTMENT, MUNICIPAL LOAN, MUNICIPAL LOANS, MUNICIPAL SECURITIES, PENSION, PENSION FUND, PHYSICAL ASSET, POLITICAL STABILITY, PORTFOLIO, POTENTIAL INVESTORS, PRIVATE BANKS, PRIVATE PLACEMENT, PUBLIC DEBT, PUBLIC LENDING INSTITUTIONS, PUBLIC SECTOR BANKS, PUBLIC SECTOR BORROWING, REFERENDA, REGULATORY FRAMEWORK, REGULATORY SYSTEM, REPAYMENT, RESERVE, RESERVE BANK, RESERVES, REVOLVING FUNDS, RIGHTS OF CREDITORS, RISK PROFILE, SECURITIES, SECURITY INTEREST, SECURITY INTERESTS, SETTLEMENT, SHAREHOLDER, SHAREHOLDERS, SINKING FUND, SOFT LOANS, SOVEREIGN LENDING, STATE BANK, STATE GOVERNMENT SECURITIES, STATE GUARANTEE, STATE GUARANTEES, STOCK EXCHANGES, SUB-NATIONAL BORROWING, TAX, TAX BENEFIT, TAX BENEFITS, TAX EXEMPTION, TAX SYSTEM, TAX TREATMENT, TIMELY PAYMENTS, TRADING, TRANSACTION, TRANSITION COUNTRIES, TRANSITION ECONOMIES, TRANSPARENCY, TREASURY,
Online Access:	http://documents.worldbank.org/curated/en/132101468281673152/Main-report https://hdl.handle.net/10986/26863
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