Not trying to jump on the bandwagon that hopes Raghram Rajan would be the James Bond who can save Indian currency and economy. Still a great opening statement with clear long term vision and priorities. To highlight a few: 1. No longer will a well-run scheduled domestic commercial bank have to approach the RBI for permission to open a branch 2. Necessary reforms and regulations for freeing entry and making the bank licensing process more frequent 3. to develop the money and G-sec markets, we will introduce cash settled 10 year interest rate future contracts 4. rupee internationalization: as our trade expands, we will push for more settlement in rupees 5. Inflation Indexed Savings Certificates linked to the CPI New Index to retail investors by end- November 2013 6. facilitate the setting up of “white” POS devices and mini ATMs by non-bank entities to cover the country so as to improve access to financial services in rural and remote areas
Posted on: Thu, 05 Sep 2013 07:24:17 +0000
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