RBI holds rates and hikes growth forecast as it unveils biggest regulatory reform in a decade

MUMBAI: RBI governor Sanjay Malhotra on Tue unveiled the biggest regulatory overhaul in nearly a decade, aimed at strengthening banks, expanding credit flow to corporates including for acquisitions, enhancing consumer protection, and advancing the internationalisation of the rupee. The reforms are expected to help the economy achieve the 6.8% higher growth forecast by RBI on Wednesday even as its monetary policy committee kept repo rates unchanged at 5.5%. The governor announced 22 measures that seek to strengthen the resilience and competitiveness of the banking sector, improve the flow of credit, promote ease of doing business, simplify foreign exchange management, enhance consumer satisfaction, and advance the internationalisation of the Indian rupee. The reforms include risk-based