RBI Governor Pushes for Financial Reform in Telangana

RBI Governor Sanjay Malhotra urged Telangana Chief Minister A Revanth Reddy to implement the BUDS Act, which addresses unregulated deposit schemes. During a meeting in the city, Malhotra discussed RBI's initiatives, including Unified Lending Interface, and Reddy shared state reforms in electricity and solar energy.

RBI Governor Sanjay Malhotra made a significant push for financial reform in Telangana on Thursday by calling on Chief Minister A Revanth Reddy to notify the BUDS Act, designed to curb unregulated deposit schemes.

Malhotra, who visited the city for the RBI Board meeting, informed the Chief Minister about recent RBI initiatives, notably the Unified Lending Interface (ULI) and a campaign to facilitate claims on government and private deposits.

In response, Chief Minister Reddy detailed the state's reforms in the electricity sector, highlighting the creation of a new power distribution company and steps towards embracing solar energy to boost sustainable development.