He stressed the importance of these measures in an exclusive conversation with IANS.
There are two problems.The first is to increase infrastructure spending.The projects are already identified.
The infrastructure is already in place, but it needs more investment to attract the private sector.The second is how can the government make more money available to people in order to increase demand.
This is an even greater challenge, but the government has made a great deal of effort to create demand.He said that the government had done much, including all direct benefits transfers and money spent on social welfare programs.
Rajnish Kumar said that the spending had created rural demand.
The former banker spoke out about cryptocurrency.
He said that it is currently the topic of conversation.The same thing is taking place in the United States, and it is getting heated.
In the current Winter Session of Parliament, the Centre will introduce Cryptocurrency Regulation of Official Digital Currency Bill 2021.
It is possible to ban it outright, but you can define it.He said that it was ruled out that the currency would be used as such.
He also stated that it’s not considered a commodity so it remains to be legalized by the government.
When asked who would be responsible for regulating crypto trading if such trading is permitted, he replied that it was the Securities Exchange and Board of India market regulators if the asset is also traded and that there are exchanges.
He said that demonetization helped Indian economies become more formalized.
He said that digital payments have increased exponentially in India in recent years.This is an indication of formalisation.
Rajnish Kumar became Chairman of the SBI on October 7, 2017 and his three year term ended in October 2020.
On how proposed privatisation of two public sector banks will help the overall banking sector, he said: “Basically, the government’s intent is that the private capital would play a role in what they call the strategic sectors.Government says four or five entities are in the strategic sector.Banking is a strategic sector and the same is true for all other strategic sectors.So, as a part of that the privatisation of two banks should be seen.”
With financial literacy playing a vital role in making a shift to the digital economy, and with rising cyber crimes, it has become even more important for the people, Rajnish Kumar, asked whether India needs a proper financial literacy programme for masses or on a large scale, given its low level of financial literacy, said that India is a large country and whatever it does has to be done on a massive scale.
“Financial literacy has increased because people now have bank accounts and they are operating on those accounts and they are aware,” he said.
However, a proper financial literacy programme is needed, he said.
Rajnish Kumar had recently published a book titled “The Custodian of Trust – A Banker’s Memoir”, which he started writing after his 40-year service.In the book, he delved about his experiences and some of the contemporary issues facing the banking sector.
He feels that the book has to offer many lessons for all, and especially for people working with the SBI.
“For the people who are working, say in SBI, there are many lessons for them in the book.In a way, it will be the readers who will determine what they should be looking at in the book.But, there is something for everyone in the book.”
(Animesh Deb can be contacted at [email protected])
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