...........The Tatas’ decision to retire may have something to do with the vibes emanating from the committee; or it may owe itself to the restrictions the RBI has placed on the ownership of equity. They are essentially designed to ensure that the new banks would belong to the applicants only in name: the shareholdings would be so fractured that the licensees would have little voice in management. That is understandable in view of the RBI’s lack of fondness for businessmen. But its conditions are so dire that the new banks may have no one to run them: that they may become the playthings of middle managers, and could well generate enormous scandals. That is something that the Tatas could do well without. ........
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