He speaking in New Delhi on the occasion of release of a copy of India's Rurural Infrastructure Report prepared by National Council for Applied Economic Research (NCAER).
Issuance of new bank licences proves that the apex bank wants the financial sector to flourish.
Move to hasten rollout and, if successful, set a precedent for new banking firms.
'The real lifting of the economy will happen only if this momentum sustains in the coming months.'
Control over PSU banks is what is allowing the government to drive this scheme.
Hockey coach Ramesh Parameswaran applies for Dronacharya Award
'The most important thing is that the psychological signal it is giving to the markets and international markets,' says former finance secretary Arvind Mayaram.
'In the short-term, the markets may be affected' by the review but 'it will help address what they are worried about which is why we need transparency,' says former chief economic advisor.
'There is a misconception that gold is a dead asset in India.' 'Around 30 per cent of agriculture loans are collateralised by gold, Soumya Kanti Ghosh and Saket Hishikar, economists at the SBI, point out.
The World Bank said improved infrastructure, specifically rural electrification, has had far-ranging effects
Rajan is an acknowledged academic, author and intellectual. He spoke on issues which are in the public domain, said Chidambaram
'Flush with funds, lending became a cash management exercise.' 'Road projects, power generation plants, airports etc were financed left and right with apparently no regard for the projects' ability to repay,' explains S Muralidharan, former managing director, BNP Paribas.
'We have to be prepared on the borders to withstand Chinese expansionist designs.'
In response the BRICS - Brazil, Russia, India, China and South Africa - have taken steps to strengthen cooperation such as setting up a joint development bank
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Companies are legally allowed to invest in markets in India, but the practice has seldom stirred central bank concern until recently, when they have become much more active players.
If banks cannot charge interest from borrowers during the moratorium, who will bear that cost? Should the depositors subsidise the borrowers by foregoing interest on deposits? In that case, we will turn banking on its head! notes Tamal Bandyopadhyay.
'If Urjit Patel had resigned after the five-state elections results people would have taken a different view. So this was the right time for him to resign.' 'He rightly resigned as he felt the differences with the government were not getting settled.'
The Centre's proposal to call for governance reform in the RBI could, however, take a back seat, a source privy to the development said.
The account turned bad before Chaudhari took over as SBI chairman and the asset was sold to AARC following an open bidding process, months after Chaudhari retired, explains Tamal Bandyopadhyay.
'The government and corporate sector must join hands to implement action which allows all of India to develop. It would be good for the corporate sector in the long run.' 'It is not that talent is a monopoly of a few castes who have been privileged over centuries. Talent also exists in other groups. They need opportunity and exposure,'
'We will win all the 28 Lok Sabha seats in 2024.'
The RBI is understood to be dithering since it would want more clarity on the cost of the fiscal policies the new government would undertake before it decides to cut rates, even though it has pencilled in a lower gross domestic product growth rate for this fiscal year.
Senior Congress leader Jairam Ramesh also asked the RBI to make public details of FDI inflows from Cayman islands since demonetisation.
He called on developed countries to play their part in restoring international monetary cooperation.
An initial reading of the guidelines indicates two factors - potential rise in borrowing cost and lower returns on investment book - could hit the spread of NBFCs.
India will have to show more willingness to import, and since Biden will not encourage sale of oil and gas to bridge the gap, it means there has to be more meaningful duty reduction in other areas even if Delhi baulks at a Free Trade Agreement so soon after walking out of RCEP.
Former governor of the Reserve Bank of India Bimal Jalan on Saturday said that taxing FII inflows will not serve any purpose and his successor Y V Reddy was misquoted on this issue.
Debroy, in an interview with India TV news anchor Karan Thapar, said there would be no shortage of currency notes and the demonetisation exercise was justified -- it would be a deterrent for future generations.
The panel will also recommend a fiscal consolidation road map for the central and state governments, study the impact of GST on the divisible pool, and propose performance-based incentives for states.
Y Venugopal Reddy, currently executive director of International Monetary Fund will be the new Governor of Reserve Bank of India, succeeding Bimal Jalan.
The government kept its nerve in the face of a massive shock. It chose not to resort to a massive fiscal stimulus. It focused instead on providing liquidity support and easing restrictions on movement in stages, observes T T Ram Mohan.
If Uddhav continues in this mode as a serious-minded, capable leader with his hands firmly on the steering wheel, and succeeds in enabling Maharashtra weather the current storm, there is every possibility of his emergence as a leader who will be seen as someone who is ready to play a larger role, observes Amulya Ganguli.
Green signal from Jaitley; CVC okays Hemant Contractor for head of PFRDA
'We get to know secrets such as some of India's top-rated firms do not always make payments when due and many State-owned, listed, enterprises that borrow in bond markets default regularly.' 'Without naming the bank, he says that ever-greening of poor loans by a part of India's shadow banking lay at the doorstep of India's banking, notably 'one private bank'.' Viral Acharya's Quest for Restoring Financial Stability in India won't be music to many ears, observes Tamal Bandyopadhyay.
"Cash is still quite high in the system. There is also stocking of Rs 2,000 notes in evidence. The expansion of digital payments is taking place all over the world. It is happening in India as well. The pace is much slower," S C Garg, who took VRS from government service after he was abruptly shifted out of the finance ministry, said in a note.
The RBI's mistake may have been in interpreting its mandate to maintain retail inflation at 4%, with 2% leeway in either direction, as being a mandate that permitted it to do nothing even when inflation was at or near the upper bound of 6%, observes T N Ninan.
State-owned banks have amassed bad loans faster than private sector lenders.
The Economic Survey has acknowledged the measures taken by the UPA government on the macro stabilisation front and the successes achieved in containing the current account deficit and reducing the fiscal deficit.
Banerjee supported 'Nyay' (poverty alleviation scheme of Congress) and people of India rejected his ideology, the BJP leader said.
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