...It’s good to see the Reserve Bank of India (RBI) assert itself. It seemed, for a while, that the central bank was giving the finance ministry’s views way too much weightage but the draft guidelines for new banking licences are evidence that RBI is not about to do what it does not believe in. If the discussion paper on new bank licences, put out in August last year, showed how diffident the central bank was about allowing large industrial houses into the banking space, the draft guidelines reaffirm that it remains so............
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