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The New Development Bank (NDB) will make its first round of loans in national currencies, cutting out the dollar.
India’s GDP growth slowed to 7 per cent in the April-June quarter, from 7.5 per cent in the previous quarter.
The government had resorted to temporary executive orders in the absence of parliamentary approval for the bill.
It will be “a long time” before India can replace China as a growth engine for the global economy, Rajan told BBC.
Investors feared fresh rate cuts in China would not be enough to halt a stock collapse that is wreaking havoc in global markets.
The Indian rupee slumped to as low as 66.48 per dollar on Monday, its lowest since September 2013.
India and Pakistan have fought two wars over Kashmir since they won independence from Britain in 1947.
The conflict, commonly known in China as the War of Resistance Against Japanese Aggression, led to the death of some 20 million Chinese.
India is keen to be the first country to benefit from the nuclear deal in Asia.
