SEARCH

Business » Economy

Updated: June 12, 2014 23:36 IST

RBI to come out with payment bank soon

PTI
Comment   ·   print   ·   T  T  
RBI Deputy Governor H. R. Khan
The Hindu RBI Deputy Governor H. R. Khan

The Reserve Bank of India, on Thursday, said it would soon come out with a payment bank, as recommended by the Nachiket Mor committee.

“We are also coming up shortly with what could be payment bank because there is huge potential for financial inclusion with focus on remittances by involving payment system product,” RBI Deputy Governor H. R. Khan told reporters on the sidelines of a conference here.

Before coming out with the payment bank, the RBI will issue guidelines for it.

Mr. Khan also said the central bank was in the process of issuing guidelines on universal commercial banking licences.

The Deputy Governor said the central bank would also issue norms for small banks in the private sector along with mid-sized universal commercial bank.

Revamped inflation-indexed bonds

The RBI also said it was in discussion with the government to revamp inflation-indexed bonds to attract more retail investors.

Inflation indexed bonds were introduced last year by the central bank, but were not well received due to their complex structure.

“We had launched inflation indexed bonds that were not successful. We are coming out with the revised version,” Mr. Khan said.

More In: Economy | Business
COMMENTS
Please Wait while comments are loading...
This article is closed for comments.
Please Email the Editor
The Hindu presents the all-new Young World

Economic Survey

More Economic Survey »

O
P
E
N

close

Recent Article in Economy

FPIs pump in Rs 1.22 lakh crore in securities

Foreign Portfolio Investors (FPIs) have pumped in over Rs 1.22 lakh crore in Indian stock markets during the first six months of 2014.»