Abstract
In the cusp of transformation, India is at the times where it is willing to take a big leap in order to become one of the top three economies in the world. To realize this leap India will have to overcome many challenges in order to achieve the target of growth in its seventh decade of independence. India, with this goal set in mind, have already seen big changes, especially in banking sector. Trying to break the new ground by infusing banks with investment and policies with amalgamation on one hand and on the other it is fighting a sluggish GDP. The original plan laid out and quoted “Small steps by millions of people”, by honorable Prime Minister, it is certainly facing powerful repercussions. The government laid out the plans to reform the sectors in order to achieve the milestone and the central bank has also got a crucial role to play with ongoing process of multiple mergers of Indian banks and bringing privatization in them, RBI has to focus on financial inclusion as well. This paper discusses about the central bank’s objectives, current situations, constraints and the way forward for making India a USD 5 trillion economy. RBI’s role in the context of growth has been multi-pronged.
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