RBI Goverener RAghuram Rajan today quoted “We have to check the flaws in banking system where a defaulter can not escape with impunity,”
Speaking at an award function organised by the Institute for Development and Research in Banking Technologies, Rajan said the process of setting up an IT subsidiary of RBI is currently underway.
“IT and IT usage has not penetrated into the banks as fully and as properly as we would like. The entire banks are not fully integrated in terms of IT usage such that on a daily basis it can spin out what the details of the loans are, what the performance is. It still takes time to put the stage together,” Rajan said.
“Our country is today facing a number of challenges regarding implementation of economic reforms and we are putting it back on the right path by certain measures. We need to focus in implementation and improve capacity at every level of the economy. We should concentrate on village infrastructure and national infrastructure as well to keep economic growth and check inflation levels,” he added.
“There are certain aspects like macro stability, human capital, business environment, taxation, judiciary and allocating resources that play a key role in boosting our economy.
“We need to constitute state level co-ordination committees to monitor unregistered and illegal operators with the Chief Secretary, DGP and District Collectors in the committees.
“Today, the new mantra in the country is transparency at all levels,” Rajan was quoted as saying in a statement issued by the Academy, delivering a lecture on `Reforming India’s Economic Institutions’.
Rajan later gave away Banking Technology Awards announced by the IDRBT for the usage of technology in banking.