Suddenly, India might have a surfeit of banks. The Reserve Bank of India recently announced draft guidelines for the entry of new private sector players even though there is no shortage of banks in the country: we have seven banks in the State Bank group, 20 nationalised banks, 21 private banks and 19 foreign banks with nearly 80,000 bank branches between them spread all over. And that’s not all. Over and above this, we have innumerable regional rural banks, and private and state cooperative banks, not to speak of non-bank financial companies and financial institutions. Now, many non-banks want to become banks......
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