...............The mid-management thought that was the right way to go but wasn't sure whether it would pass muster in official documents since many rules apparently needed to be changed if the occupant of SBI's corner office had to be called chairperson. Bhattacharya, however, thought it's much ado about nothing and settled the matter.......
The very purpose of VITALINFO is to provide a platform for wider dissemination of updated information related to and happening of events in and around RBI.
Wednesday, November 13, 2013
Expedite wage talks, says State Banks’ Staff Union
..........The United Forum of Bank Unions, an umbrella forum representing the nine unions, has presented its charter of demands in time. Four rounds of bilateral discussions have been held but the IBA, which represents the management, has not come out with concrete proposals. The negotiation should be settled with a higher load factor to the satisfaction of the workforce, a resolution passed by the central committee said.......
RBI’s reality check candle
..........The suave RBI Governor, Dr Raghuram G. Rajan, has given a piece of his mind by unequivocally underscoring the importance to break “the spiral of rising price pressures in order to curb the erosion of financial savings and strengthen the foundations of growth”. Instead of shooting the messenger by sidestepping the message, the ruling dispensation should do intense introspection to improve the prospects for a sustainable turnaround of the economy from its ills and travails.
Sebi gives RBI a chance to clean up mis-selling by banks
..... Given the status of the RBI in the regulatory pantheon, younger regulators have been iffy about stepping on the banking regulator’s toes. And so the story has gone on. This is the second time that Sebi has stepped visibly on the turf of another regulator. Regulator watchers remember the time almost four years ago when C.B. Bhave, the then chairman of Sebi, asked 14 insurance companies to stop selling unit-linked insurance plans (Ulips) since they were nothing but a collective investment scheme under the garb of an insurance policy. The resulting media and finance ministry attention possibly cost Bhave his second term, but..............
RBI Seeks Credit Accounts Details of Banking Licence Applicants
......“Over the past one month, the central bank has written to global
regulators, including the Monetary Authority of Singapore, seeking
details on any violation or penalty levied on the
applicants that have international operations,” said a senior official
familiar with the matter. After completion of its due diligence, the RBI
will hand over the applications to an external expert panel headed by former RBI Governor Bimal Jalan for further scrutiny. Applicants may face hurdles if RBI gets adverse report against them from any regulatory, tax or investigative authority.........
PM, Sonia to woo women with banking schemes
........Officials said the Bharatiya Mahila Bank would offer special schemes to women opening an account with it. While the bank would extend its services to men too, they won’t get any special dispensation. Details of the schemes would be announced by the Prime Minister while inaugurating the bank from Mumbai on November 19--the birth anniversary of former Prime Minister Indira Gandhi. There will be a simultaneous launch in Kolkata, Guwahati, Chennai, Bangalore, Lucknow through a video link.......
In The Big League
.........P.J. Nayak’s nine-year-long innings as Axis Bank’s chairman saw frequent run-ins with the powers that be. A year after he took over, he decided to “go on leave” until he was cleared of any role in the aborted merger of UTI Bank with Global Trust Bank. In 2007, he resigned when Mint Road said the post of the chairman and chief executive had to be split. Sharma, having learnt a few lessons from ICICI Bank’s ‘halcyon days’, has sought to strike a balance between growth and profitability. It is evidenced in the bank’s financial parameters...........................
Big Bank Theory In Practice
........“There was a gap between how others saw us and how we saw ourselves,” says Kochhar, managing director and CEO. A key challenge was to convey the bank’s strategic shift to its immediate family of stakeholders — employees — and the world. That message was successfully delivered, and imbibed by all concerned; it has since paid off handsomely................
Jammu Women stakes claim for opening first Women Cooperative Bank in J&K
.........Chairing a meeting of the general body of Jammu Women Credit Cooperative Ltd., here today Mrs Kailash Kumari claimed that their society allready possess all the required infrastructure for the same to be granted license from the RBI for opening first Jammu Women Cooperative Bank in the state . Jammu Women Credit Cooperative Ltd. has set up its network almost in all the thesils and Distts. of Jammu divisions, including in remote areas of Poonch, Rajouri and erstwhile Doda Distts...........
Gurgaon Gramin Bank moves CAG against merger
........In a letter addressed to the CAG on Monday, the associations of bank workers and officers said Gurgaon Gramin Bank is a regional rural bank (RRB) sponsored by Syndicate Bank and, according to Reserve Bank of India guidelines, all RRBs in a state have to be merged. "In this sequence, RRB having better performance under various business parameters would have an edge over others and amalgamated RRBs would be managed by the sponsored bank of better RRB," the letter said. ..............
India mulling over Euroclear Bank's settlement platform
...The Finance Ministry, the Reserve Bank of India and the Securities and Exchange Board of India are due to meet next month to see how to make rupee debt eligible for Euroclear Bank's settlement platform, the officials said, asking not to be identified as the deliberations are private............
Reserve Bank says no to ‘bond tourists’
Even as the government is exploring ways to attract foreign investment to support a weakened rupee and fund the current account deficit, the Reserve Bank of India is treading carefully on removing the limitations on debt investment for foreign institutional investors after having witnessed a sharp outflow of funds by FIIs from the Indian debt earlier this year. In a clear reflection of RBI's concerns, Governor Raghuram Rajan, talking to researchers and analysts in a conference call last week, said he would prefer real tourists but not "bond tourists".........
Govt to finalise views on FDI, FII definitions in 2 weeks
......"In the next two weeks, we will finalise our view on FDI/FII definition. It is only a question of logical consistency," Economic Affairs Secretary Arvind Mayaram told reporters here after a meeting on the matter. The meeting was attended by officials from the Reserve Bank of India, the Securities and Exchange Board of India and the Department of Industrial Policy and Promotion. A committee headed by Mayaram is looking into the definitions..................
Assocham for flexibility in borrowing via bonds, MTNs
The Reserve Bank must allow flexibility in borrowing through bonds and Medium Term Notes (MTN) for Indian banks with strong balance sheets, industry body Assocham said Tuesday. The move could help the lenders garner funds with a minimum tenure of three years from good quality institutional investors................
Banking round table: Debt recast a good concept for a growth economy
Six of the country's leading bankers say while green shoots are visible, the pace of recovery will be slow because of a whole lot of unresolved issues............
Raise Interest Rates For A Sound Economy
......As the previous Reserve Bank of India Governor Duvvuri Subbarao argued towards the later part of his governorship, interest costs did not determine investment decisions since it was less than 3% of revenues. But the interest rate, or the returns, is a deciding factor for an individual in choosing between financial savings and physical assets. However much one would preach the virtues of equity, or mutual funds investments, Indians' natural choice is a bank deposit. The mutual fund industry's two-decade wait for individual savings to flow into its coffers is a testimony to it. If the banking system pushing up deposit rates well above 10% (yet to happen, but the danger is real) is not welcome, the government should consider correcting a lopsided tax policy. ..............
High inflation, low IIP: Rajan will have to hike rates again
.............Food inflation has been keeping policymakers busy and there’s very little chance that Reserve Bank of India Governor Raghuram Rajan will keep rates unchanged when RBI meets again for its mid-quarter review of the monetary policy on 18 December. Consider some of the key figures on the consumer inflation side............
Read....................
The rupee’s continuing troubles
..........There are a couple of domestic factors too that seem to be working against the rupee. The most important of these is the partial closure of the special window that was opened by the Reserve Bank of India (RBI) for oil companies to buy their dollars directly from the central bank. With apparent stability prevailing over the last few weeks, the RBI pushed back into the market almost half ............
D-Street favourites queue up at RBI for higher FII investment cap
........The sudden sell-off was not on account of the usual set of triggers such as results disappointment or fresh earnings downgrades; the drop was sparked by a notification of the Reserve Bank of India (RBI) late last week that the foreign institutional investor (FII) investment limit had been touched. Traders dumped the stock as they felt the move would cap the stock upsides........
What saves India from a crisis?
........After the large fall in the value of the rupee in September, RBI is considering an increase in its reserves. This is not required. As earlier suggested, RBI can instead buy international credit lines that work out cheaper than foreign exchange reserves. RBI can also provide inflation-indexed bonds more meaningfully than is the case at present. This can reduce demand for gold and help in other ways. RBI can also set an example by not buying more gold, if not by selling its existing gold stock. This will give it greater moral authority to advise the public not to buy gold.
Is the Indian rupee on the brink of another violent downturn?
......"The big issue is [the] RBI is no longer supplying as many dollars to state-owned oil companies as what it was - so now they have to go back to market to source their dollars. That's a concern as the oil companies are now more visible from a market perspective," said Jonathan Cavanagh, a currency strategist at Westpac.............
Republic of CPI
...........The CPI, however, shows little correlation with other economic variables. Since the index is less than three years old, this could be passed off as a statistical quirk, a data-collection model that needs some tweaking—but with RBI putting out its first-ever CPI forecast and statement that “retail inflation is likely to remain around or even above 9 per cent in the months ahead, absent policy action”, it is apparent CPI is very much on RBI’s policy radar. This is much the same as it is in many developed economies, but the CPI there is more robust and RBI needs to look at other growth parameters as well, more so since inflation-targeting as the main policy objective was given up by most central banks a long time ago.................
The RBI's many rates
........There are, in my opinion, two things that the RBI needs to do at this stage. First, it needs to give some indication of both the levels of the two inflation rates that it wants to target and the weights that it wishes to assign to each of the two rates. It should also emphasise - and this is the important bit - that these are essentially medium- or long-term targets and in the near term the central bank is unlikely to follow a mechanical ("keep hiking rates until the target is reached") approach. Thus, it would also factor..............
Rajan urges regulators to ‘lean into the wind’
...........Addressing the Bank of Italy on lessons learned after the economic crisis of 2007 to 2009, Rajan said the key to getting the benefits of financial access was to “always be conservative, taking away the punch (bowl) when the party gets going.” Looking back at the Great Depression in the United States in the 1930s in an examination of speculative bubbles and their effect on monetary policy, Rajan said it was clear than greater credit availability tended to make the economy sensitive to shocks...........
Capital challenges mount for PSU banks as performance sinks: India Ratings
......Banks’ deteriorating performance also brings the role of hybrid debt capital in absorbing losses under focus. The market for Basel III Tier 2 instrument is fledging in India and investors will benefit if the Reserve Bank of India (RBI) articulates a framework for invoking losses on the investors.......
Jewellers in a fix over gold imports
.........“The industry is facing several issues in the domestic market and 80:20 norm of the RBI makes it very difficult for domestic players to correlate with the international market, in addition to satisfying Indian demand, which is very high.. imports have comes down drastically,”...................
Banks have to share details with the taxman
........SC has ruled that no financial institution can refuse to disclose details of their customers on the ground of confidentiality to the income tax authorities. It said that the Financial Act, 1995, has expanded the power of the revenue authorities to requisition information which will be useful for or relevant to any enquiry or proceedings under the Income Tax Act. Besides, the income tax officers can now gather general particulars of customers in the nature of a survey and store information in computers to check any tax evasion, the apex court said..........
34k bank branches at risk as MS to end Windows XP support
..........However, banks believe that the issue is being "blown out of proportion". According to the chief technology officer at a bank, all financial institutions have strong internal security systems, which would not be breached even if Microsoft stops supporting Windows XP. “Absolutely nothing will happen if banks continue to use Windows XP even after Microsoft stopped supporting it. This issue is being over-hyped. There is a process of replacing each PC every five to seven years, so when we do that, the operating system will automatically get upgraded. The threat is not high enough to pay the kind of costs involved in migrating from one operating system to another,".......
Tuesday, November 12, 2013
Govt appoints first chief of Bharatiya Mahila Bank
The Centre has appointed Usha Ananthasubramanian as the first Chairman and Managing Director of the Bharatiya Mahila Bank, the country’s first all-woman bank. She is currently an executive director at Punjab National Bank, a leading public sector lender. Besides a post-graduate degree in statistics from the University of Madras, she also has a master’s degree in ancient Índian culture from Bombay University................RBI for tightening vigil to check revenue leakage
........."Considering the prevalent situation in which public institutions are not performing with optimal efficiency leading to leakage of revenue as well as financial losses, there is an immediate need to strengthen institutional control mechanisms, particularly in respect of banks, financial institutions and PSUs organisations,".........
RBI's independence under threat, says former Chief General Manager
Grace Koshie says proposed changes could give the government greater involvement in the Reserve Bank of India’s operational areas; warns other central banks' legal independence is being ‘altered’...
The Reserve Bank of India (RBI) is the latest in a string of central banks whose legal independence is under threat from proposed or actual changes to its mandate, according to a forthcoming piece in theCentral Banking Journal.
Grace Koshie, a former Chief General Manager and Secretary to the board at the RBI, says de jure independence is a "necessary" condition for independence as a whole, and warns that governments may be impinging upon it in a host of countries across the globe.
In India, the government created the Financial Sector Legislative Reforms Commission to "clean up" the country's financial sector legislation. The commission's proposals would, if adopted, remove the RBI's responsibility for financial stability.
While the central bank would retain its role as India's monetary authority and regulator for the banking and payment systems, the government would designate a new "unified" regulator for the rest of the financial sector. The Financial Stability and Development Council, chaired by India's finance minister, would fill this role.
Moreover, Koshie notes, the commission has proposed that each of the present financial regulators are audited by the Comptroller and Auditor General. Koshie warns this "opens the door" for the governmental body to "look into" the RBI's operational areas.
In her article, Has the crisis dented central bank independence?, published tomorrow, Koshie points to three other central banks whose legal independence is "likely to altered" by recent or forthcoming amendments to their national central bank law.
The Cypriot government is in the process of expanding the Central Bank of Cyprus' board membership to include an additional two non-executive directors. This will tip the balance of power away from the governor and central bank staff.
Koshie believes this change will "seriously undermine the autonomy of the central bank management under the governor" and "increase the role of the government/board in internal staff matters".
She also refers to the Bank of Slovenia where, in August 2012, a string of senior staff members resigned in the wake of changes to legislation governing the central bank. Koshie notes that the government was criticised by both the International Monetary Fund and European Central Bank for its decision.
Moreover, in the US, there are repeated attempts from a group of Republican senators to introduce a bill dubbed 'Audit the Fed'. Rand Paul, a senator from Kentucky, has threatened to hold up the appointment of Janet Yellen as the next Fed chair in an attempt to force a vote on the bill.
Koshie acknowledges that if central banks are to retain their independence, they must adapt to the post-crisis environment. This means correcting their flawed models and perceptions.
"Central banks are back at school, filling up gaps in their knowledge and understanding of complex markets, players and products," she says. "As knowledge institutions, their claims to independence as regulators will depend on their ability to stay up the learning curve."
Koshie outlined a range of initiatives the RBI has taken to enhance its credibility and "stake claim for greater operation independence". These include strengthening its internal research, communicating more proactively with the general public and conducting outreach activities to expose staff to more 'real-world' issues.
VITALINFO - My dearest digital friend : Dr.Yerram Raju
VITALINFO has become a part of the post-Pranayam of my morning life. In one single stroke I see a host of journals, dailies, blogs relating to the financial sector. It is a boon to persons like me who can hardly afford an office library of the kind that Mr Mangesh has been putting. I do not know him personally but he is the dearest digital friend I have today. I wonder at his abilities and acumen in accessing such value at a single place. IT IS A BRAND India should be truly proud of.
– Dr.Yerram Raju
VITALINFO, no doubt is a brand by this
time for genius RBI community to keep a track of developments on financial
front and Indian economy. It has also unique importance from the point of view
of RBI retirees as it gives coverage to the retirees’ issues. I express my
sincere appreciation of services being rendered by Shri Mangesh Tarambale.
– L.R.Parab
Great comments there! You remember, Mangesh, we met in the afternoon
one day in Fort, next to Amar Bldg. I was baffled at the enormous amount of
data that you collect daily before dawn and after editing put it up by seven in
the morning for everyone to read. You also mentioned that you get up at four in
the morning, sift through all the papers, take relevant material and edit and
upload for all of us. This sustained effort is tremendous work, passion,
selfless and enduring. I sincerely and highly appreciate you for this. You also
told me that you go through a nap after all this voluminous work from 4 a.m. to
7 a.m. and then get ready for your daily work at office. This is simply
something stupendous and outstanding and doing it single handedly is really
extremely difficult.
- V.Shankarnarayan, PS to Chairman, RBSB
Could you please include my name in your emailing list. I
came to know about your morning updates through Indranil Chakraborty and
Jayakumar (EA to DG) and it is highly recommended.
- R.Ayyappan Nair, Assistant General
Manager
Department of Banking Supervision,
Bangalore
Bangalore
Root cause of 'yours obediently'
My View on "How government selects bank chiefs":
Issues raised here are relevant for government and public sector in general. Government (some officials and ministers) think they are the owners of PSUs and PSBs (in a way, they are!) and use them for carrying out their agenda and for milking them dry to quench their thirst. Some of these institutions (and government) get the private sector-rejects or retired/retiring government officials at their top who carry out the wishes of their masters in government. It is not that these organizations cannot compete with their private sector counterparts. They will outperform them, if a level playing field in terms of skill, technology, opportunities and autonomy in management (including freedom in managing HR) is assured. But, to make this possible, the selection procedure, at least from middle-management level and compensation package will need an overhaul. Career progression with appropriate provision for inter-mobility within the organization and at higher levels within the sector will have to be planned with the ideal age profiles at various levels and the need for a minimum tenure of 5 years for those who reach that level. The ridiculously low level of remuneration packages at higher levels in government and public sector (including statutory bodies) is the root cause of inefficiency and ‘yours obediently’ approach of these institutions. Even the RBI Governor is not paid a salary which can take care of the normal lifestyle needs in the area where he is given a residence.
- M.G.Warrier
Change we will! Traders use tokens for coins in Belgaum
..... “We have at least a dozen hotels on this road. We traders have decided to accept tokens from other hotels so that the customers are not hassled by soiled notes. The decision on tokens was taken because large numbers of soiled Rs 5 notes were being circulated. This new system has brought about an improvement. Also, since the tokens are made for very small amounts, there is no fear of duplication,” he opined...........
Bank staff miffed over govt’s ‘casual approach’ to wage talks
.........When asked about the AIBEA’s demand, he said it has four or five priorities. For instance, improvement in the dearness allowance compensation, which is now credited every quarter, should be made on a monthly basis and reflect the effect of inflation; there should be provision of housing accommodation for all including new recruits, who are posted in various places; full medical reimbursement should be provided for the employee and his/her family, and there should be better post-retirement benefits such as family pension and gratuity. “And it's not just the package. The job as such should be made attractive, as the profile of the banking industry itself is undergoing a change,” he said.............
Staff retirement: Banks will face severe operational risks
........Stating that the retirement is quite intense at the level of the top executives, he said 82 per cent of top executives in the banking industry will retire during the period. It means a leadership gap at the top management level, and banks are likely to face severe operational risks. He said the retirement of the experienced and committed employees would make way for the inexperienced, young and enthusiastic new ones..........
Left unsaid
.......Thus it came about that it promised in 1994 to give a small window of entry to foreign banks, and allow them to open 12 branches each in a country of over a billion (a figure later generously raised to 20). That is what the Delhi government agreed to; the Reserve Bank of India was even more reluctant to give foreign banks a toehold, because it thought that its daughters, the banks nationalized in 1969, were still too young to face competition from industrial countries’ banks.......
BANKING ON FOREIGN SOIL
........The Narasimham Committee recommendations have given more weight to large Indian banks for presence of bank branches abroad. Even in this scenario, experts feel that such overseas operations should be encouraged to set up locally incorporated entities either individually or in Joint Venture (JV) mode with other banks or overseas banks. This is necessary as potential for growth through enhanced global reach by offering wide range of products is only possible by local ( foreign soil ) incorporations. Depending merely on ‘trade finance’ where margins have stretched besides excessive exposure to Indians only is not a viable business strategy............
Read - Greater Kashmir
Protest against foreign banks’ entry
The Bank Employees Federation of India will hold a dharna in front of the Reserve Bank of India offices at Kochi and Thiruvananthapuram to oppose RBI’s soft approach to the entry of foreign banks into India........
India Post seeks RBI nod to start own bank
Come 2014 and India Post will have its own bank. India Post has applied for banking licence to Reserve Bank of India (RBI) and if all goes well it may get the licence in January 2014. India Post will divide the postal and financial services as part of the arrangement. The banks will handle the banking and financial services for which India Post will hire officials separately..........
The importance of being Indian
Irked by a newshound following up on Murli Manohar Joshi's parliamentary query on the citizenship of the Reserve Bank of India governor, an exasperated Raghuram Rajan is reported to have said, "It is shameful that we spend so much time on such issues. There was a time when India was open, when people didn't really care where a person came from. We sort of incorporated them in what we were doing." He is right, of course. The Indian government has over the years employed foreign nationals and persons of non-Indian origin.........
क्या RBI गवर्नर ने आपको भी भेजा है ई-मेल
.....रिजर्व बैंक ने साफ कहा है कि वह इस तरह के मेल कतई नहीं भेजता। रिजर्व बैंक के प्रवक्ता के मुताबिक केंद्रीय बैंक ने अपनी वेबसाइट और दूसरे माध्यमों के जरिये लोगों को भेजे जा रहे ऐसे ई-मेल से सतर्क रहने के लिए जागरुकता अभियान चलाया है। रिजर्व बैंक के गवर्नर रघुराम राजन की ओर से भेजे जा रहे इन फर्जी मेल में लोगों को उनके निवेश पर ऊंचे रिटर्न दिलाने और जैकपॉट जिताने का वादा किया जा रहा है।...........
Implementation of Rajan panel’s report on states will be suicidal for UPA
........What is worse, the committee’s critics argue, is that its recommendations go against the federal spirit of the country’s Constitution, penalise states that perform well and could create more problems than resolving them. In short, the committee’s recommendations need to be junked..........
Read.....................
RBI must watch large companies using natural hedge to borrow abroad
.......Which is why we would suggest that the Reserve Bank of India (RBI) must come into the picture. There is no guarantee that the so-called natural hedges would stay intact should the US economic slowdown worsen. In such an eventuality, the entire possibility of an optimistic scenario would be thrown out of the window, as was the case in the wake of the 2008 meltdown. The RBI must ask domestic banks to scrutinise if their clients are raising ECBs while hedging their loans properly or taking recourse to natural hedge to keep borrowing costs low in hope that the rupee will not tank below a certain value. It is true that.............
Chidu can Dance Now; Gold Imports may Fall 71% this Qtr
......The drop in gold imports took place
after Reserve Bank of India had said on July 22 that a fifth of the
gold purchases by importers in every lot would have to be exclusively
made available to exporters. Only 80% of the imports could be used for
domestic purposes, and that too for entities engaged in jewellery
business, bullion dealers and banks, RBI said................
Read - ET
Rising bad debt takes a toll on bank earnings in September quarter
Banks reporting fiscal second-quarter earnings on Monday showed a massive increase in bad debt that caused them to post losses or weak profits. Four banks reported their earnings on Monday. The largest among them,Central Bank of India, surprised analysts with a Rs.1,501 crore loss for the three months ended 30 September, against a Rs.330-crore profit in the year-ago quarter, as it set aside more money to provide for bad loans...........
India’s reverse taper
........Which is why, over the past few days, roughly the time since part of the oil PSU demand has been reintroduced into the market, the rupee has weakened. Chances are, as the oil demand gets fully re-introduced, this will worsen; more so since, by the end of the month, the FCNR window also gets closed. In which case, RBI has to use this window to quickly bring in the oil demand and hope that, with increased swap flows, the pressure on the rupee will be mitigated. The government also needs to ...........
Indian rupee, bonds fall as Street fears RBI will reduce liquid diet
.....The rupee took a knock losing 1.22% to end near a two-month low of 63.24 per dollar. Urjit Patel, Deputy Governor, RBI, noted in an interview with a television network that while the deficit was higher than that in September, the fact that it was 50% of that in October last year ‘bodes very well for the trade deficit and the current account deficit and is the most important fundamental factor for the rupee’. Nevertheless, worries that slowing dollar inflows coupled with higher dollar demand in the market from oil companies pushed the rupee lower on Monday.............
‘White label ATMs a boon for banking sector’
.........In fact, the Reserve Bank of India envisages them as a one-stop shop for major financial transactions that will also offer value-added services such as air, train and bus ticketing and third party advertisements, apart from regular features. The white label ATMs will not have branding of any bank...........
Here are all credit card myths you should be careful about
.........The credit card is a very powerful financial innovation, which if not used with care can endanger your financial position. Let go of the above myths to become a more powerful and informed credit card user............
Monday, November 11, 2013
Monetary policy exudes modest optimism - N. A. MUJUMDAR
.......If this complexity of inflation is appreciated adequately, it becomes clear that lending rate to corporate sector is not central to policy. Recently, Dr. Rajan has said that industry is obsessed with the lending rate – a theme I have been expounding for a long time. Even in terms of job creation we have to depend on sectors other than industry -- agriculture and allied activities and informal sector. In this context Governor Rajan has appropriately stressed the objective. “ Expanding access to finance to small and medium enterprises, the unorganised sector, the poor and remote and under served areas of the country through measures to foster financial inclusion”. Dr Rajan has also explained how bad governance has contributed to slowdown of the economy.........
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