Banking on RBI

.......Though the government is trying to fast-track the process of handing out new bank licenses to convince the world that India is once again on the reforms path, the process is proving to be a bit tricky since RBI continues to insist it needs the Banking Regulation Act to be changed to allow it to remove the board—sure, it has dealt with crisis situations like Global Trust Bank which was bailed out by Oriental Bank, but it would be quicker with the Banking Regulation Act changed..........

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