I will come back to this later on in my talk. I will now talk about the increasing growth of RMB turnover in the foreign exchange (FX) market and relate to that the work on the Global Code of Conduct.
The RBI’s role has included setting up new institutions, encouraging the use of technology, developing markets, and expanding financial inclusion. In the coming year, we will have many new players in the banking eco-system, such as payments banks, small finance banks and possibly a postal bank competing with existing universal banks, regional rural banks, cooperative banks, and a variety of non-bank finance companies.