NEW DELHI: The World Bank Group President David Malpass Saturday discussed issues ranging from private banking sector to land management with the Indian Prime Minister Narendra Modi and suggested way forward on Saturday.
Malpass also met the Finance Minister Nairmala Sitharaman.
Following the meeting, the top banking executive said that he recommended deepening the capital markets including strengthening bonds and the regulatory environment of non-banking financial segment.
NBFC sector has gained importance in the country but these, according to Malpass, would bring some risks.
The World Bank executive also discussed India’s ambition to grow the economy to $5 trillion over the next few years.
The executive also said that India would benefit if it modernises its land management, steps up regulation of its banking system, and streamlines the judiciary system.
Thursday, the Supreme Court ruled against the Indian telecom companies, and asked to pay Rs 92,000 crore to the government that included penalties settling a long-standing dispute.
Earlier this week, India had moved up 14 places in the ranking to 63rd position, up from the last year’s 77th position.