India to get 18 more banks next year, says Raghuram Rajan

Raghuram Rajan, Governor, Reserve Bank of India while laying emphasis on jobs said job creation is the most important issue in India.

"We need to ensure that we have an environment where people start and grow," said Raghuram Rajan.

Saying that India will get 18 more banks next year, Rajan further laid emphasis on start up companies. "Start up companies need a level playing field," he added.

Lighter regulation is better for smaller regulations, he said. Lauding the government, the governor said that it is trying to cut regulation for new companies to a minimum. 

He hopes that small finance banks lend more locally and access to cheap public power key should be provided for all small firms, he added.

"New banks are going to create a revolution in the banking sphere," Rajan concluded.