Reserve Bank of India Governor Raghuram Rajan told public
and private sector banks to prepare for serious competition from new
entrants and small banks as he assured them that the turbulence in the
domestic financial market would end sooner than, later offering tremendous
Competition was needed for new solutions to emerge and to
cut cost of transactions.
However, new products and technology should be used
initially in a measured manner, he said, reiterating that he would cross the
river feeling the stones, one stone at a time.
The Reserve Bank was in the process of strengthening the
public sector banks. Oneof the measures was to strengthen the boards
governing the banks. New board members would be brought in through a
Universal banking licences would be reopened soon, he
said, but pointed out that small banks would connect better with those
requiring smaller loans where “character banking” would merge with new
technological tools to aggregate information and make decisions on that
The RBI has also initiated three major steps to improve
These include aunified payment interface which would be
facilitated by an e-mail-like identity of the persons involved; trade
receivables exchanges, which would bridge the gap between payment by a
company to a manufacturer.
India was ranked 37 out of 38 countries, with only
Venezuela scoring lower, in the U.S. Chamber of Commerce-International
Intellectual Property Index.
The report, comes at a time when the government is close
to finalising a National Intellectual Property policy to improve the IP
regime, increase IP awareness and strengthen enforcement of rules.
The U.S. was ranked first, followed by the UK, Germany,
France and Sweden. India’s peers in the BRICS grouping were all ranked ahead
with Russia ranked 20th, China (22nd), South Africa (26th) and Brazil
The 38 economies benchmarked in the 2016 Index accounts
for nearly 85 per cent of the global GDP.
The Index — produced by the Chamber’s Global Intellectual
Property Center(GIPC) — is based on 30 criteria critical to innovation
including patent, copyright and trademark protections, enforcement, and
engagement in international treaties etc. The GIPC report found that among
India’s key areas of weakness was the use of compulsory licensing (CL) for
commercial and non- emergency situations, and the expanded use of CL being
considered by the Indian government.