Prime Minister Narendra Modi will hold a meeting with the top bankers and non-banking financial companies (NBFCs) through video conference. Commerce Secretary and Aviation Secretary to be present in the meet as well.
The country needs to double credit growth to 15 per cent to become a USD 5 trillion economy by 2024-25, say bankers. The country has recorded high double-digit credit growth in the past and is capable of achieving similar growth now as well, they added.
The RBI wishes to see the lagged impact of its 1.35 percentage points rate cut till October to play out before moving on the rates further, he said, adding transmission can be faster now as banks chase the fewer people who are queuing up for loans given the economic gloom.
The recruitment process, which is currently underway, will get over by November 10 and the new management will take charge by the first week of December if the Reserve Bank approval comes in.