Reserve Bank Governor D Subbarao Tuesday virtually ruled out issuing new bank licences without it getting adequate powers to do so through legislation. Recalling his conversation with Finance Minister P Chidmabaram the latter's visit to the financial capital early this month, Subbarao said Chidambaram had asked RBI "whether it (new licences) can be done without amending the Banking Regulation Act". "We believed, we believe and we (still) believe that we need these powers to move forward," he said........
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