Addressing bankers and economists at Bancon 2013, a flagship event of the Indian Banks' Association, Chidambaram told the bankers not to desist from taking decisions and promised to defend them in case of bonafide decisions going wrong.Referring to the state of economy, Chidambaram said, "the green shoots that are visible here and there, will multiply and the economy will revive. There will be an upturn in the second half of this year and it is quite possible that the estimates made by the Reserve Bank or the PMEAC or the government of growth between 5-5.5 per cent will be realised." The economic growth rate slipped to decade's low of 5 per cent in 2012-13 and during the first quarter of current fiscal it stood at 4.4 per cent.
RBI Governor Raghuram G. Rajan foused on Five Pillars of RBI's Developmental Measures:-
In the rest of this talk, I want to focus on what we at the Reserve Bank are doing to improve the financial system. We plan to build the Reserve Bank’s developmental measures over the next few quarters on five pillars. These are:
Clarifying and strengthening the monetary policy framework.
Strengthening banking structure through new entry, branch expansion, encouraging new varieties of banks, and moving foreign banks into better regulated organisational forms.
Broadening and deepening financial markets and increasing their liquidity and resilience so that they can help allocate and absorb the risks entailed in financing India’s growth.
Expanding access to finance to small and medium enterprises, the unorganised sector, the poor, and remote and underserved areas of the country through technology, new business practices, and new organisational structures; that is, we need financial inclusion.
Improving the system’s ability to deal with corporate distress and financial institution distress by strengthening real and financial restructuring as well as debt recovery.
BANCON 2013:The Annual Bankers' Conference (BANCON) has emerged as the Blue Riband event of Indian banking conclaves. Starting as a bank economists' meet in the mid-1970s, this annual gathering of bankers has morphed into an influential gathering where the best of Indian minds meet every year to react, review, reform and rethink.
