Mumbai, July 28 -- India must develop deep, broad and resilient financial markets before achieving developed economy status, as the country's future financing needs cannot be met through the traditional bank-led model alone, Reserve Bank of India (RBI) Deputy Governor Rohit Jain has said.

RBI Calls for Stronger Market-Based Financing

Addressing the Financial Institutions Leadership Conference organised by Standard Chartered Bank in Mumbai, Jain said India would require stronger market-based financing to support the long-term capital needs of infrastructure, manufacturing, urban development, technology and business expansion.

He noted that while the bank-led financing model has served the economy well, the scale, tenor and diversity of ...