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    <title>Financial Reforms - Past and Present (Dr. Raghuram Rajan, Governor - January 29, 2016 - at NCAER, New Delhi)</title>
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    <description>Macroeconomic stability-anchored in low inflation and a credible fiscal consolidation path-is essential to sustain growth and preserve bond market confidence. The banking sector must recognise and resolve stressed assets promptly through write downs, promoter equity and stakeholder contributions, supported by RBI measures and government capital infusions to restore provisioning and regulatory capital. Structural reforms will foster competition and technology driven entry (payment banks, small finance banks, UPI, trade receivables exchanges) to deepen markets and enhance inclusion, while consumer protection, credit information, and collateral frameworks must be strengthened to safeguard new participants.</description>
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