Highlights of Raghuram Rajan's speech

Rajan announced a slew of measures today after taking over as RBI's 23rd governor

Committees

Bimal Jalan to head external committee to screen new bank licences which will be announced within or soon after January next year
 

Deputy Governor Urjit Patel to head committee on improving monetary policy framework
 

Nachiket Mor to head committee on financial inclusion
 

Deputy Governor K C Chakrabarty to take a close look at rising NPAs and the restructuring/recovery process

Others measures
 

Rajan's first monetary policy statement on September 20. 

 

Banks won’t need RBI approvals for new branches, subject to certain conditions
 

RBI to gradually reduce requirement of bank investment in government securities to facilitate flow of credit
 

Limit availability to exporters to be increased to 50%; for importers to 50%
 

Introduction of interest rate futures of 10-year tenure
 

Payment & settlement systems to be strengthened
 

Promoters must bring in more equity capital 
 

Inflation-savings certificates based on consumer price index