"I think, this is something that all Indians should be concerned about because strength of our institutions is really important for our growth, sustainable growth and equity in the economy," said Rajan.
Governor Rajan stressed on the benefits over a medium-term.
The methodology will be announced later this week.
Fraudulent emails exhorting people to deposit cash for reward are on the rise.
Credible fiscal consolidation has been a consistent pre-condition to easing the monetary policy stance as far as the RBI is concerned.
The facility will be open till November 30.
The step followed Reserve Bank Governor Raghuram Rajan's hard talk.
RBI governor Raghuram Rajan is clear about cleaning up the mess in the banking system.
Reserve Bank of India (RBI) governor Raghuram Rajan says global markets are at risk of a "crash" should investors start bailing out of risky assets created by the loose monetary policies of developed economies.
RBI Governor Raghuram Rajan, who today surprised markets with a rate hike, defended the move saying a rate cut would not have impacted either banks or borrowers and that bringing down retail prices is the key to sustainable growth.
Rajan also said the outlook for agriculture is subdued, in view of both rabi and kharif prospects being hit by monsoon vagaries.
India on Saturday favoured greater mobility of skilled labour
The pay hike has been made effective from January 1, 2016.
The Bharatiya Janata Party (BJP) on Tuesday welcomed the appointment of noted economist Raghuram Rajan as RBI governor but advised him not to compromise on the autonomy of the institution or get cowed down by the government.
RBI's current Deputy Governor Urjit Patel got 3-year extension in January.
At present, bank depositors get an insurance cover of Rs 1 lakh on their amount by the Deposit Insurance and credit Guarantee Corporation.
India was less directly affected by the Chinese stock market rout and yuan devaluation that battered currencies and markets in the region.
Gopalakrishna's name was in the reckoning for Deputy Governor in place of Anand Sinha who retired in January.
RBI Governor Raghuram Rajan wanted to improve training for staff, through initiatives such as sending them to other central banks for short stints.
After a delayed start, the monsoon is advancing steadily.
The government's foreign policy lacks coherence, clarity and consistency, they said.
'I often see people try to put down China.'
RBI governor Raghuram Rajan, on Monday, said the current level of the rupee is "pretty reasonable" and any attempt to devalue it may lead to a surge in inflationary pressures and "offset any benefits"
"I don't think this administrative subject should be an issue of interest to the media," Modi said.
Pawar asked Modi why he was daring Opposition leaders to bring back Article 370 of the Constitution after it was nullified by Parliament in August.
Rajan also said weak results from India's corporate suggested final demand is yet to pick up strongly.
The mismatch between industrialists' demand and account holders is because of inflation, Rajan said.
In spite of Governor Raghuram Rajan's repeated concerns about inflation, many think there may still be a loosening of stance.
Terming the 23.9 per cent fall in economic growth in the June quarter alarming, former Reserve Bank Governor Raghuram Rajan has said bureaucracy should come out of complacency and take meaningful action. The current crisis requires a more thoughtful and active government, he said, adding, "Unfortunately, after an initial burst of activity, it seems to have retreated into a shell."
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.
India needs to move towards full capital account convertibility to become a leading global economy.
Kotak announced a 0.15 per cent cut in base rate to 9.85 per cent.
'The three tycoons I deal with in the first chapter -- Ambani, Mallya and Adani -- in their own way represent the change that has come over India.' 'Of the three of them, Mallya is the most fun. He was terrific.' 'And I don't say that because I tell the story in the book of his golden toilet.'
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 expect the Reserve Bank of India to deliver a 25 bps rate cut in April to support growth.'
Bajaj hit out at banks for not passing the entire benefits to consumers.
RBI Governor Raghuram Rajan in his maiden policy review, however, eased liquidity though a reduction in the marginal standing facility rate, at which banks borrow from the central bank, by 0.75 per cent to 9.5 per cent.
India's foreign exchange reserves declined by $685.1 million to $274.81 billion in the week ended August 30 due to a dip in the foreign currency assets, the Reserve Bank said.
Rajan has ignored pressure to loosen policy.
Nationalisation has served its purpose. It's time to move ahead, keeping majority ownership of the government in a few banks to serve the people, argues Tamal Bandyopadhyay.
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