......A senior RBI official told HT that framing the guidelines is taking more time than expected due to the extensive nature of the suggestions received by the central bank. “We need to study every minute details before finalising the guidelines,” the official said.
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RBI should not succumb to FM’s pressure, this time also. Earlier when Chidambaram was FM, he told us that India has 100 crore population and one new bank per 2 crore population will solve problems of outreach. The concept of Local Area Banks was born. All one-time money-lenders and some NBFCs approached RBI for LAB licenses. The project LAB did not take off as people who expressed interest were mostly erstwhile money lenders or those with some interests other than banking. At present GOI and RBI should concentrate on structural reforms in the financial sector envisaged in the report of the Committee on Financial Sector Reforms (Narasimham Committee) before adding new banks.
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