'Other sectors that manage the savings pools of Indians are giving tough competition to life insurance companies.'
While the US is definitely recovering, Europe, Japan and, now, China are all going through another wave of what some fear could be a multi-year slowdown.
'The Reserve Bank's independence has remained a work in progress, an enduring challenge that the nation has been grappling with on an ongoing basis,' says RBI Deputy Governor Dr Viral Acharya.
'Even if there is a third wave or a fourth wave, it is hard to see the economy will suffer like that (during the first wave).'
The average bank customer does not know about the Customer Charter because it was designed - under Mr Rajan's regime - to be a lame duck initiative from the start: violating the charter has no consequences, points out, Debashis Basu.