........It may be recalled that a little more than two years ago, the then finance minister Pranab Mukherjee announced that licences will be given to private companies to set up commercial banks. It has taken quite some time to prepare the draft licensing norms but the final version may take some more time since the Reserve Bank of India (RBI) wants to have adequate powers to directly intervene in the newly-established (and licensed) banks should they act out of step with its direction and or act in an unacceptable manner.......
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