Loans sanctioned by banks for housing projects exclusively for economically weaker sections will also be considered as PSL
The RBI is planning to allow business correspondents of one bank to offer payment services to other lenders for better efficiency and optimisation.
The proposed agency would take over key functions of the RBI and be responsible for managing the debt, cash and contingent liabilities.
The move would be a major boost to credit eligibility of low-ticket borrowers.
Negative WPI inflation is indicative of slack economic activity. RBI must take note.
Pessimists on Indian growth will have to look for pastures other than the new GDP data
Security has been beefed up after RBI Governor Raghuram Rajan received a threatening e-mail.
The headline inflation was at -2.06 per cent in February. It was 6 per cent in March 2014.
The apex bank has received 72 applications for small finance bank.
Rajan hinted that RBI might issue licenses for setting up of payment banks, small finance banks and a postal bank.
According to a DBS Bank official, benefits of easier monetary policy have yet to reach the real economy.
The repo rate will continue to be at 7.5 per cent and the cash reserve ratio will remain at 4 per cent.
He encouraged banks to build on the success of schemes such as the Pradhan Mantri Jan-Dhan Yojana and Direct Benefit Transfer.
Strong national institutions should be nurtured, says Raghuram Rajan.
Modi said that however powerful an idea, unless there is an institutional framework, it will not work or succeed.