It’s not prudential to bank on discretion

.....For example, under “Procedures of RBI Decisions” the guidelines state, “Licenses shall be issued on a very selective basis to those who conform to the above requirements, who have an impeccable track record and who are likely to conform to the best international and domestic standards of customer service and efficiency.” There is no qualification of how “impeccable track record” will be determined or how “best international and domestic standards of customer service and efficiency” is defined........

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