A day after finance minister P.Chidambaram prodded the Reserve Bank of India (RBI) to speed up the process of licensing new banks, governor D.Subbarao said on Friday that the central bank would do so only after making sure that the groundwork is in place and all “enabling conditions” are met. The RBI chief’s remarks seemed to indicate a widening divide on policy between the finance ministry and the central bank, which have also differed over the timing of interest rate cuts to prop up sagging economic growth...........
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