The Reserve Bank of India wears two hats. It is the regulator of all banks; it is also the chief manager of government banks. If they continue to dominate the banking system without being the most efficient or customer-friendly, the credit must go, at least partly, to the RBI. When it sees an opportunity to send some profits the way of government banks, it is happy to oblige them. The latest instance of helpful market manipulation comes from the foreign exchange market...............
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