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World Bank chief asks India to reform financial sector to aid growth

Updated : October 28, 2019 06:24 AM IST

India must undertake financial reforms in three key areas — sound regulations for non-banking financial companies (NBFCs), allow private sector banks in a big way in the banking sector and deepen capital market to aide growth — World Bank group president David Malpass said during a media interaction on Saturday.
Malpass, who is on a three-day visit to India, earlier met Prime Minister Narendra Modi, finance minister Nirmala Sitharaman and members of the Niti Aayog and discussed financial sector reforms with them as well.
Malpass said the main policy challenge for the country is to address the sources of softening private consumption and the structural factors behind weak investment.
World Bank chief asks India to reform financial sector to aid growth

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