India's Financial Institutions: A Quantum Leap Towards 2047

RBI Deputy Governor M Rajeshwar Rao emphasizes the need for India's financial institutions to scale up by 2047. Strengthening the regulatory system, enhancing risk management, and enabling access to capital markets are key steps. India aims to build a strong financial foundation amidst a rapidly evolving global financial landscape.

India must significantly expand its financial institutions by 2047 to realize its goal of becoming a developed nation, according to RBI Deputy Governor M Rajeshwar Rao.

Speaking at the 'High-Level Policy Conference of Central Banks in the Global South,' Rao highlighted the achievements of India's robust financial system, while stressing the need for further scale and size enhancements to meet national goals.

Rao warned of increased risks and advocated for robust governance and risk management to preserve financial stability. He also called for new players and services to meet credit demands while ensuring innovation through adaptable regulations.

(With inputs from agencies.)