As we have noted on numerous occasions, interest rates can have a cyclical effect on growth or employment, but on their own will not be able to solve an inherently structural problem. It is incorrect to look at the interest rate or the exchange rate as the silver bullet that will solve the country’s growth problems.
By doing so, India is setting an example in democratisation of the government securities market. 5. The other scheme being launched today by the Hon’ble Prime Minister i.e. theIntegrated Ombudsman Scheme focuses on strengthening the grievance redress mechanism for consumers of various services provided by the RBI regulated entities like Banks, NBFCs and payment system operators.