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Large state-run entities and business houses will not be allowed to set up small finance banks, which will have to comply with statutory reserve requirements.
Rajasthan has taken the lead on structural reforms which could help India attract business and employ a fast-growing workforce.
It doesn't appear to be happening yet, even though India's stock market has been Asia's best performer this year.
Industrial production was upwardly revised to 0.5 per cent year-on-year in August from 0.4 per cent earlier.
Consumer food price inflation, under a new series published by the government, eased to 5.59 per cent last month from 7.67 per cent in September.
The central bank will come out with fresh set of guidelines for companies applying for on-tap bank licence
For now, the upside appears to offset damage done to exports by weaker global demand.
Signs of a strong pickup in hiring by companies are adding to the rosier outlook for Indian households.
Rajan added "many" market participants were convinced that India could hit the RBI's target of bringing down consumer inflation to 6 percent by January 2016.
Benchmark 10-year bond yields hit a 13-month peak as bond traders priced in more aggressive monetary easing next year.
The rate of price rise in vegetables stood at 15.15 per cent in August as against 16.88 per cent in the previous month.
CPI inflation could fall marginally but stay above RBI's comfort level.
Based on the evidence at hand, Modi's goal of scripting a broader, lasting upturn appears some way off, says Rajesh Kumar Singh.
India could allow global online retailers such as Amazon.com Inc to sell their own products as early as next month, removing restrictions that could boost competition in one of the world's biggest, and most price-sensitive, retail markets.
The moves by the RBI, announced late on Wednesday, should increase supplies of gold and brighten the earnings outlook for jewellery makers after the government took tough measures to curb imports last year, analysts said.
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A Reuters poll had forecast retail inflation would edge up to 8.48 per cent from 8.31 per cent in March.
Analysts polled by Reuters had forecast a contraction of 1.5 per cent in output.
He said the total capital requirement for state-run banks is Rs 455 billion ($7.6 billion) in 2014/15 fiscal year, much lower than the Rs 113 billion provided for recapitalisation in the interim budget in February.
Analysts polled by Reuters had forecast an annual growth of 0.9 per cent in output.
Gandhi was the executive director at the Reserve Bank of India before being promoted to deputy governor post.
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