MUDRA bank will help microfinancing firms to lend more.
They need to have 15 years of mainstream banking experience
India needed more specialists within government
India's banks rely on overnight borrowings to fund longer-term lending.
Telecoms investor Aditya Birla Nuvo Ltd and retailer Future Group were among the first big names to apply for licenses to run so-called payments banks
India allows foreign investors to buy upto $81 bn
Earlier, India said the headline annual consumer price inflation accelerated to 5 per cent, compared with a 4.4 per cent print in November.
The central bank also said accepting money under such structures was a cognizable offence
Trouble at a single bank among the top five most connected lenders could wipe out nearly 50% of Tier I capital
Rajan said an interest rate cut won't by itself lead to higher economic growth
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The Reserve Bank of India sold dollars via state-owned banks around 62.3575 per dollar to contain the rupee's fall, traders said.
The Reserve Bank of India kept interest rates unchanged at 8.0 percent on Tuesday as widely expected, staying focused on containing inflation while adopting a more dovish tone in response to the government's call for help to revive economic growth.
Analysts expect modest recovery in Indian economy.
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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.
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Indian companies are keenly waiting for reforms on rules related to land acquisition, labour, coal and power sector, and foreign direct investment in insurance sector.
In the offshore non-deliverable forwards, the one-month contract was at 62.26/36, while the three-month was at 62.83/93.
The Reserve Bank of India (RBI) raised the minimum capital requirement for so-called shadow banks and tightened rules on deposits and bad loans to avoid any potential risk to the economy from these rapidly growing finance firms by regulating them like traditional banks.
Foreign investors have bought around $2.4 billion in both debt and equity so far in October, pushing the total inflows to nearly $36 billion so far in the year.
The partially convertible rupee closed at 61.45/46 per dollar, weaker from Wednesday's 61.35/36.
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