Raghuram Rajan is a credible man and under his guidance RBI has seen a new light. Today India stands at a threshold from where it can go on to be the best place for startups or the vice versa. The reforms and the incredible support of institution like Reserve Bank of India are ensuring that Startups are able to come over innocuous problems with great ease.
Reserve Bank of India to establish helpline for FOREX problems:
Yes! Startups from the remotest corners of the country will be able to seek help of RBI directly on matters related to FOREX. FOREX rules in India have always been really difficult to decipher hence with the help of expert guidance Startups will be able to take better decision. Startups will be bound to share important details related to their revenue model and policies in order to seek the right answer from the RBI helpline.
RBI to cut rates:
Not just helplines RBI is also taking every possible measure to ensure startups enjoy access to the best of fund that they acquire through investors, crowd funding or international funding via Foreign Venture Capital for startups.
Announcing the plans, RBI Governor Raghuram Rajan said the aim is to simplify movement of capital and do away with regulatory impediments hampering their growth, to create more ‘unicorns’ or companies with billion-dollar valuations.
With the simplification of the rules Indian startups will be able to retain a huge share of investment that they receive from foreign land and will also be able to move in the right direction confidently.
The new set of rules will benefit both categories of people, one who genuinely have a world changing idea and the other who all are just wannabes. The RBI as an institution wants to be liberal enough to leverage everyone with a chance to make it big in life. Wannabes will have a chance like never before to make a dent in the world with their amazing talent.
The rules will come under effect only about the Union Budget for the Finance Ministry in this Budget Session presents Finance. Government of India is also planning to integrate their various modules with RBI and prepare products that allow startups to gain a momentum and make it big in the long run.
The reforms and the development of new services will not only empower existing creed of entrepreneurs but will also give birth to new traders in the market.