Some banking giants more powerful than central banks: ex-RBI guv

At a time when the financial sector is being blamed for much of the global economic crisis, former RBI Governor Y V Reddy has said that some financial conglomerates are more powerful than even the central banks. At the same time, Reddy has also flagged the issue of leading rating agencies and accounting firms enjoying an oligopolistic power over the markets, and said that some large international banks enjoy significant influence over political economy in several countries..........

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