Kotak Mahindra Bank to have a 19.9% stake in the proposed banking venture.
Rajan said expecting the government to provide all solutions wasn't right.
The "Tiny Card" with biometric identification is State Bank of India's answer to the challenge of financial inclusion of one lakh villages in the country.
The size of the hole in today's banking crisis appears to be roughly 10 per cent of GDP.
The meeting will be attended by all heads and EDs of public sector banks
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The Reserve Bank released a report on 'Banking Structure in India -- The Way Forward' in August 2013, which covered issues such as consolidation of large-sized banks with a view to have a few global-sized banks and the desirability and practicality of having small, localised banks as preferred vehicles for financial inclusion.
Payments banks are niche banks set up by the Reserve Bank of India to further the agenda of financial inclusion.
Government's financial inclusion mission is well intentioned, but it may be putting a severe strain on the banking sector.
A social stock exchange, broadly, is understood to be a platform that allows investors to buy shares, bonds or units in a social enterprise that has been vetted by the exchange. These allow firms operating in sectors such as health, environment and transportation to raise risk capital.
Soon after Prime Minister Modi's assertion, the G20 countries also came down heavily on terrorism.
It is also considering to hike FDI cap for public sector from 20 per cent to 49 per cent
The niche banks - small finance and payments banks -have been set up to further the regulator's objective of deepening financial inclusion.
The BSE Mid-Cap index was currently up 0.83%. The BSE Small-Cap index was currently up 0.8%.
Microfinance portfolio of SFBs saw a muted growth of about 3% last year
IMF MD Christine Lagarde hailed the government's latest Budget.
To deepen the financial inclusion process, and help get more people under the formal financial system, the RBI has mooted the idea of small banks and payments banks.
The government is giving adequate publicity to the benefit to be extended to account holders, sources added.
Banerjee, 58, was educated at the University of Calcutta, Jawaharlal Nehru University and Harvard University, where he received his Ph.D in 1988. He is currently the Ford Foundation International Professor of Economics at the Massachusetts Institute of Technology.
While three of the top five FPIs - Capital, Government of Singapore, and Vanguard - have seen their investment value more than triple, India's benchmark indices have risen just 70%.
Echoing similar views, CII too said the Prime Minister has given high importance to manufacturing and investment.
Policy with regard to the foreign banks is part of his five pillars of reforms, says RBI Governor.
Muthoot Finance Recently received in-principle approval from RBI to set up White Label ATMs. The company has already chalked out setting up 1,000 such ATMs in the first year and another 8,000 in the next two years.
He advised banks to facilitate appropriate credit expansion.
Bukkapuram Nadella Yugandhar's 'formidable legacy will survive through a generation of civil servants whom he trained, nurtured, mentored and inspired with a rare combination of energy, enthusiasm and passion,' says former RBI govenor Dr Duvvuri Subbarao.
The finance ministry on Friday said 5.52 crore (55.2 million) bank accounts have been opened till October 7 and deposit of Rs 4,268 crore (Rs 42.68 billion) have been mobilised under Pradhan Mantri Jan Dhan Yojana (PMJDY).
Payments banks will mainly deal in remittance services and accept deposits of up to Rs 1 lakh.
It's time to re-examine government's role as owner of banks,
The FM asserted that nearly Rs 11.85 lakh crore out of the Rs 15.44 lakh crore junked notes were back into the system
The Pradhan Mantri Jan Dhan Yojana scheme will help eradicate poverty and curb corruption at the grassroot level, industry said.
While looking at consumer behaviour in the post demonetisation period, the research found that rural consumers were equally enthusiastic about cashless payments.
Now, 83 per cent males and 77 per cent females have formal bank accounts but they are hardly using them
The total balance in 255 million Jan Dhan accounts now stands at Rs 66,637 crore against Rs 45,637 crore on November 9.
It will carry out most banking operations like accepting deposits but can't advance loans or issue credit cards.
The government plans to transfer all subsidies including food, fertiliser and kerosene, potentially taking direct payments to more than $60 billion.
This survey also shows how things have moved forward since the last large-scale sample survey conducted by NSSO in 2012-13
What is it about Arohan that puts it in the top league of microfinance institutions in the country?
Sitharaman cancels Myanmar trip at last moment citing launch of Modi's Jan Dhan Yojana.
The government is working to provide healthcare schemes to poor people under the Jan Dhan initiative.
Most banks complain that without adequate user fees, ATMs are a loss-making business for them
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