CPI raps Rajan for 'opening up banking sector' remark

..............On Rajan's recent statements about major reforms being in the offing that would allow foreign banks to enter India in a big way and even take over domestic lenders, he said while 80 percent of banking activities were carried out by state-run banks, "foreign banks have never contributed to the development of the Indian economy." "Some of these banks have also been responsible for serious unethical practices," he said and also criticised the government for earlier allowing private sector to open banks.......................

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