The G-20 is unlikely to make headway on the contentious issue of taxing banks for future bailouts with India, Australia and Canada opposing it. Finance minister Pranab Mukherjee made known India's preference for regulatory mechanism instead of bank tax at a meeting with II Sakong, the chairman of the presidential committee for the G-20 meeting in Busan today.Mr. Mukherjee said that the better option will be to adopt regulatory mechanism as is being followed by Indian banks. Mr. Mukherjee and Mr. Sakong expressed hope that the meeting will play a major role in the recovery of the developed world and reflect the tilting balance of power. Canada, the host for the upcoming G-20 summit later this month in Toranto, also expressed discomfort over the move. Last month, the EU proposed a levy on banks to raise money for managing future financial turmoils. This had set the stage for a wider debate on sparing taxpayers from footing bailouts. The latest proposal came amid many EU countries grappling with high public debt, partly due to their massive public spending during the financial crisis of 2008 and 2009. With the plan, the EC looks to establish bank resolution funds to ensure that future bank failures are neither at the cost of taxpayers nor it destabilises the financial system.