....Now the Reserve Bank of India (RBI), the regulator, wants local rules to apply to foreign banks with over 20 branches in India. In practice that means the big three. One bigwig says the rules will make India a harder place to operate in than China. It is easy to sympathise with the foreigners. They know nothing about the price of ploughs. Foreign banks have just 21 ATMs in rural India, home to 830m people. But the RBI’s stance is understandable, too. Why should big foreign banks be treated differently when 70% of farming households have no access to formal finance?.....
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