RBI will insist on strict “fit and proper” criterion to keep all firms that have been under the glare of investigative agencies out of the process
The Reserve Bank of India (RBI) is expected to release its proposal on licensing norms for a new set of private banks this week. It’s fairly well known that RBI was not too keen to have more banks in the system when finance minister Pranab Mukherjee announced the entry of private firms into banking in his February 2010 budget speech. Mukherjee wants more banks as half of India’s population does not have access to banking services.
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