raghuram rajan : bold face of india ’ s economy speaks out interview with dr raghuram rajan, governor of the reserve bank of india, in the australian financial review published on 24 february 2014. * * * emerging markets jacob greber and greg earl report on governor with an impeccable pedigree. raghuram rajan represents the bold face of india ’ s potential new economy – impeccably credentialed, upbeat and ready to force himself onto centre stage in the global debate about the reshaping of the world economy. appointed as governor of the reserve bank of india in september, rajan has taken no time to make himself heard in international financial markets. last month he took the united states federal reserve to task for failing to recognise the negative consequences to emerging markets from its tapering program, saying international monetary co - operation was breaking down. on saturday, in an interview with the australian financial review, he warned against allowing a world order to emerge in which “ everybody is in their own boat and they sink or swim. we ’ re in it together. ” the former international monetary fund chief economist and harvard economist is also leading the charge against the us congress for stalling reforms to the fund that would increase the say of emerging economies. “ there is only so long the world can wait for the us to get its act together [ on imf reform ] ”, he said, alluding to the fact that countries such as brazil, india, indonesia and china are more likely to consider building alternative bodies to act as emergency lenders to troubled nations and as a global “ truth teller ” of economic realities. above all, rajan – a long - standing member of the global policymaking elite – wants to push emerging markets to the centre of agenda setting. long dominated by the major post - war economies of the north atlantic, india, alongside china, is part of a vanguard determined to be recognised for its ever - rising role in the global economy. “ we emerging markets have to step up to be part of the agenda setting, rather than [ remain ] passive when the agenda is set and then reacting to the agenda ”, he said in a hotel conference room overlooking sydney harbour. “ but i do think if the international fora are not responsive, both in terms of quotas but also in terms of hearing and allowing to the agenda to be set by more emerging markets, you will see a drift away towards more regional groupings, which would

survivor ( s ) / nominee with regard to the treatment of pipeline flows in the name of the deceased account holder. • banks are advised to settle the claims in respect of deceased depositors and release payments to survivor ( s ) / nominee ( s ) within a period not exceeding 15 days from the date of receipt of the claim subject to the production of proof of death of the depositor and suitable identification of the claim ( s ), to the bank's satisfaction. • information should not be gathered in the name of kyc with the intention of using it for cross - selling of services. the banks should obtain the information required for opening an account independent of any other information that they may seek for cross - selling purposes with the consent of the customer. the forms containing this information must not be a part of the account opening form. • the kyc procedure for opening accounts for those persons who intend to keep balances not exceeding rupees fifty thousand ( rs. 50, 000 / - ) in all their accounts taken together and the total credit in all the accounts taken together is not expected to exceed rupees one lakh ( rs. 1, 00, 000 / - ) in a year has been simplified to enable those belonging to low income groups without documents of identity and proof of residence to open banks accounts. in such cases banks can take introduction from an account holder on whom full kyc procedure has been completed and has had satisfactory transactions with the bank for at least six months. photograph of the customer who proposes to open the account and his address need to be certified by the introducer. considering the significant growth in credit cards in the recent years and the experiences of banks and customers with this product, the reserve bank issued detailed guidelines on credit card operations of banks in november 2005. these guidelines, aimed at protecting customer ’ s interest, include clear disclosures of terms and conditions, including rate of interest on annualised basis, prohibit issue of unsolicited cards, ensure customer confidentiality, and also cover matters such as ‘ do not call ’ registry, fair practices in recovery and collection. revised banking ombudsman scheme 2006 keeping in view the large number of complaints continuously being received against banks, the banking ombudsman scheme has been revamped this year to enlarge its extent and scope of the authority and functions to specifically cover redressal of grievances against deficiency in banking services, including a variety of banking products / services, such as, loans