A panel headed by the RBI Governor during the UPA rule had shortlisted the names for banks while the Modi government has now scrapped the process.
Rajan is working to get investor sentiment back towards India which is important to achieve healthy GDP growth.
Tata Motors wants to pave the way for Nano's entry into tier 1 and tier 2 towns.
The smaller PSU banks however may find it difficult to follow SBI'e lead.
High EMIs continue and transfer of loans to cheaper rates looks tough.
Public sector banks are now more confident in lending to the minorities
FM asked banks to reduce interest rates to bring in more liquidity.