......The Rangarajan Committee defined financial inclusion as “the process of ensuring access to financial services and timely and adequate credit where needed by vulnerable groups such as weaker sections and low-income groups at an affordable cost.” So, the news that more than two dozen of India’s leading corporate houses, financial services companies, non-banking financial companies, public sector firms and India Post have applied for licences to set up new banks is a welcome one. But here, we must temper our enthusiasm for financial inclusion with some caution. Ownership of banks by corporate houses should not become a licence for crony capitalism............
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