........Several commissions have gone into the financial crisis and proposed reforms. These relate mostly to issues of capital, scope and size in banking. It has taken a parliamentary commission to look into the inner workings of banks and focus resolutely on the accountability of bankers and bank boards. The Commission’s report goes to show that banking reform is too important to be left to regulators and bankers and that parliament, as the representative of the wider interests of society at large, has a great deal to contribute. The RBI should consider taking many of these proposals on board. Indian banking has been dominated thus far by public sector banks, which are intrinsically risk averse and more amenable to direction by government and the regulator. This has made for a certain stability in Indian banking.............
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