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Thursday, November 13, 2014

Final norms on small banks by month-end: Raghuram Rajan

The Reserve Bank of India's proposed final guidelines on starting payment banks - meant to serve smaller businesses and lower income households - are likely by the end of the month, central bank governor Raghuram Rajan said on Thursday.

Rajan, during a speech in Mumbai, said the final proposal for establishing payment banks was with the finance ministry for feedback, and said he expected to call for applications for potential payments banks by the end of the month.

In July the central bank had issued draft guidelines on payment banks, which are meant to target the needs of under-banked segments such as small businesses, low income households, and farmers.

Source : The Hindu


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