Sidhartha Shuklamoneycontrol.comRaghuram Rajan's three-year tenure as Reserve Bank Governor, which ends early next month, was possibly marked by more reforms than that any other governor in recent memory.Still, Rajan, who in June announced that we will not seek an extension as central bank chief, has more left to contribute for the betterment of the economy."There are still 28 days left in his term which I intend to fully utilise," Rajan said, while addressing the press conference following his last monetary policy meeting today, where he left rates unchanged as expected.He then laid out specific measures that can be expected from the RBI during the remainder of his tenure: guidelines for peer-to-peer (P2P) lending and non-banking finance companies (NBFC), steps to boost the corporate bond market, tweaking of the marginal cost of funds (MCLR) framework and extension of the central bank's year-long public awareness outreach.
Put simply, what Rajan plans to do is give finishing touches to a host of policy decisions he has already announced in each of the areas mentioned above.While the RBI had recently issued a paper that mooted the setting up a regulated P2P market, the MCLR framework is intended to align banks' lending rates closer to their actual cost of borrowing.
He also warned the public of frauds that may be carried out in the RBI or the Governor's name. Rajan, known for his candid demeanour, said: "If you get an email from me or any future governor promising to transfer a large sum of say Rs 50 lakh to you if only you send a small transaction fee of Rs 20,000 to a specific bank account, delete the email.""The reality is such emails are not from me and the RBI does not give out money directly to ordinary citizens, even though we print plenty of it," he said, before wondering, to some laughter, why the sender of the email does not deduct Rs 20,000 and directly transfer the remaining Rs 49.8 lakh to consumers they supposedly make an offer.He further said customers should be aware of the simplified KYC norms -- and said they should be bring it to notice of local bank branches if they are not.
"If your branch does not know these simplified norms, please go to the RBI webpage and point it out to them," he said.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
