How many banks will India need? The draft proposal does not give any indication of that. Since about half of India’s population does not have access to banking, by simple arithmetic we need to double the number of banks. If that sounds audacious, there should be at least a dozen new banks of different shapes, sizes and business plans. By keeping the entry-level capital requirement at a “minimum” Rs. 500 crore, RBI has created the environment. Even if a few of them die a premature death, RBI should not feel inhibited to experiment if it’s serious about financial inclusion.
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