India needs more banks to double credit-to-GDP ratio to 100%: RBI official

India needs more banks for sustaining high growth and doubling the credit-to-GDP ratio to 100 per cent, RBI board member Manish Sabharwal said on Tuesday.

Sabharwal, who is the chairman of Teamlease Services, also said the country needs immediate reforms in banking, compliance, labour laws and education because "hope is not a strategy".

He was addressing a virtual conference organised by the All India Management Association (AIMA).

India needs to increase its credit-to-GDP ratio from 50 per cent to 100 per cent and it requires more banks, albeit with better regulation, an AIMA statement quoted Sabharwal as saying.

Speaking about economic recovery, he said