Banking policy decisions in sync with economic growth: RBI

MUMBAI: The Reserve Bank today said the banking sector policy during 2010-11 remained consistent with the broader objective of macroeconomic policy of sustaining economic growth.

"The RBI has introduced important policy measures of deregulation of savings bank deposit rate and introduction of credit default swap ( CDS) for corporate bonds," the Reserve Bank of India (RBI) said in its report -- 'Trend and Progress of Banking in India 2010-2011'.

It also said important policy discussions, like issuance of new banking license; designing the road-ahead for the presence of foreign banks and holding company structure for banks had been initiated in the 2010-11 period.

Emphasising on financial inclusion, the RBI said that one of the most note-worthy development was the formation of board-approved financial inclusion plans by banks for a time horizon of the next three years.

Going forward, the central bank said its policy would focus on financial stability and financial inclusion.