The new Reserve Bank of India Governor, Raghuram Rajan has said that Banks will not be required to approach the RBI for opening branches. Talking to reporters after taking over the Governorship of the apex bank, he said in Mumbai that RBI will give outlook of new bank policies soon and Mr. Vimal Jalan will chair the committee that will screen the applications for bank licences. He said, that the bank will push for more settlements in rupee. Mr. Rajan asserted that monetary stability is the prime role of RBI. He said, apart from controlling inflation the mandate of the apex bank is to ensure inclusive growth and development and financial stability.