The valuation gap between public sector and private sector banks is expected to increase, if the government has its way. Recent news flow indicates a rift between the finance ministry and the Reserve Bank of India with public sector banks being at the receiving end. After opposing the government’s legislation of setting up a Debt Management Office (DMO), RBI Governor Duvvuri Subbarao has objected to the ministry issuing orders to public sector bank directly and bypassing the board........
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