This compares with China at over $10 trillion and India $2 trillion.
The RBI governor also said he is not 'overly' worried about any interest rate hike by the Federal Reserve, saying the country had enough foreign exchange reserves.
Three members will be representatives from the government, and three from the RBI.
RBI's previous monetary policy was announced on September 29.
Payments banks are niche banks which will be allowed to function with several restrictions.
Rajan is an acknowledged academic, author and intellectual. He spoke on issues which are in the public domain, said Chidambaram
'That way you're not hostage just to US sort of exports to India.'
Strong dollar will impact financial system in India.
Despite no change in interest rates, India's largest lender, State Bank of India, last week became among the latest to lower deposit rates, often a precursor to lower lending rates, something some banks have already done for certain consumer loans.
'Raghuram Rajan is a wonderful economist, but he is not a wonderful Indian economist.' 'He doesn't understand India in the granular form.' 'India exists only from Delhi to Nariman Point for him.' 'India is much, much bigger and complex.' 'The new RBI governor shouldn't get ready to open his umbrella when it rains in America'
Interview with former Reserve Bank of India governor by Duvvuri Subbarao.
After the screening, the shortlisted candidates will be vetted by an external committee, to be headed by former RBI governor, Bimal Jalan.
'Das is friendly, but he finally does what he does. The quality of engagement is very good.'
The former Union minister alleged that the government is "intolerant to the slightest criticism".
SBI is the first major bank to cut its base lending rate this year.
Vodafone Idea, the promoter of Aditya Bira Idea Payments Bank, said in a notification to the exchanges late on Friday that the board of the bank approved winding up the business, subject to approval from the Reserve Bank of India.
Rajan, Swamy alleged, is a member of US dominated Group of 30.
The government's critics say that the Prime Minister failed to rein in vicious and unprecedented personal attacks on the central bank chief by the likes of Rajya Sabha MP Subramanian Swamy.
RBI data show one-fifth of all the infrastructure loans are stressed and the share of such loans in overall stressed assets is nearly a third.
The reason behind issuing new bank licences is to allow more private sector entities to set up banks
The government seemed unhappy with Raghuram Rajan's interest rate policy.
India was less directly affected by the Chinese stock market rout and yuan devaluation that battered currencies and markets in the region.
Reserve Bank Governor Raghuram Rajan on Tuesday said the government's target of reducing the current account deficit (CAD) to $70 billion or 3.7 per cent of the GDP in 2013-14 is "imminently reachable".
On growth, the Governor said the prospects in the last few months have improved.
Reserve Bank of India Governor Raghuram Rajan, in a hurriedly called press conference, said that the central bank has now routed back most of the dollar demand from oil companies to the market.
'We will supply dollars in case of extreme volatility.'
The declining inflation and a negative industrial outlook have strengthened the case for RBI.
'For every person there is a different way that you show respect for your country...my mother-in-law will say karmayogi is the way to go - do your work.'
The post of chairman and managing director has been split and the government has appointed managing directors and chief executive officers in four banks -- Indian Overseas Bank, United Bank of India, Oriental Bank of Commerce and Vijaya Bank.
While the RBI has been intervening heavily in both spot and forward markets to support the currency, especially when it nears its record lows, there are technical signs that the rupee is set for some near-term consolidation.
Arun Jaitley had promised to provide more than the budgeted amount.
Observing that it is not yet clear to him what the government means by 'Atmanirbhar Bharat', Rajan said if it is about creating an environment for production, then it is a re-branding of the Make in India initiative.
The RBI said that the impact of unseasonal rains is still unfolding.
RBI governor does not want to move in haste for achieving financial inclusion.
'We expect the Reserve Bank of India to deliver a 25 bps rate cut in April to support growth.'
NITI Aayog's Rajiv Kumar accused former prime minister Manmohan Singh and senior Congress leader P Chidambaram of creating a 'false narrative'
Rajan said that even though inflation has breached the 6 per cent mark as against the RBI target of getting it down to 5 per cent by March 2017, the price rise scenario will ebb in future
The new government will face four big challenges -- subdued growth, the fiscal and current account deficits and sticky inflation, RBI Governor Raghuram Rajan said.
Investors believe Indian is a tough place to do business with.
The RBI Governor brought down retail inflation to 3.8% in July.
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