........When it comes to economic policy, it is better to be safe than sorry because decisions once taken cannot be reversed easily. This is true of the Banking Laws (Amendment) Bill, 2012, which was passed by Parliament on December 20. The amendments to the existing laws will be followed up by the RBI through suitable policies. The reforms will not transform the landscape of banking in India, or fully open up the sector to foreigners and industrial houses, though it will admit a few of the serious ones from among them. But there seems to be a grudging acceptance that the current structure of Indian banking is not helping the expansion of banking services, thereby putting the government’s financial inclusion and growth objectives at risk. ..........
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