The Reserve Bank of India(RBI) has cancelled Governor Raghuram Rajan's meeting with bank chiefs on Tuesday to discuss the monetary policy, as the bankers will be in Delhi to attend the launch of Prime Minister Narendra Modi's Standup India initiative.

Banker said,"Bankers have clearly preferred to attend the PM's function over the Mint Street's key event - the first bi-monthly monetary policy for 2016-17,"

RBI  said "due to unavoidable circumstances, the Governor's meeting with bankers as well as the Indian Banks' Association's press conference on April 5, 2016 stand cancelled".

On Tuesday, April 5,PMO will launch the Standup- Startup India scheme and web portal in Noida

The chief executive of a public sector bank said, “Stand-up India pertains to financial inclusion, which is also the aim of the central bank”
He said,"Being away does not mean it (the policy event) is low on our priority list. We will very much be watching and studying it for our business. Stand-up India is being launched to promote entrepreneurship among Scheduled Castes/Schedule Tribes and women by providing easy loans of Rs 10-100 lakh,"

By the following scheme it is expected that, it will be beneficial to a large number of entrepreneurs from weaker sections of the society.