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RBI Governor Raghuram Rajan

The pace of economic reforms must be steady and firm, even as the country's financial system needs better competition and efficiency in a bid to secure the nation from risks, the RBI Governor said.

The payment banks require a minimum paid-up equity capital of Rs 100 crore while normal commercial banks require Rs 500 crore.
A parliament panel has asked the finance ministry to turn 15% of Public Sector Bank branches into all-women offices.
Keeping rates unchanged was driven by RBI not wanting to risk inflation from surging, a poor monsoon and a possible increase in interest rates in the US next month.
The FIS Consumer Banking PACE Index was conducted with 9,000 banked consumers in nine countries including 1,000 households in India.

Under the pact, JCB cards will be accepted at all NPCI locations in the country.
For 1-2 years tenure, the interest rate has been reduced by 0.15 per cent, while 2-5 years, it has been reduced by 0.25 per cent to 8 per cent.
Sebi would also look into possible misuse of these units to launder unaccounted money through the domestic stock market.
State Bank of India has over three million home loan customers with a portfolio of over Rs 16,60,000 crore.
The decision was taken by the board of trustees (BOT) of the Coal Mines Provident Fund Organisation (CMPFO) in its meeting, chaired by Coal Secretary Anil Swarup.
India now accounts for a meagre 0.123 per cent of the total global wealth worth $1.6 trillion in Switzerland's banking system.