........ RBI Deputy Governor K.C.Chakrabarty has drawn attention to the fact that it is the larger companies that are the main beneficiaries—restructured standard advances for medium and large industries jumped 73% in FY12 and the trend this year too doesn’t seem to be any different. Such a trend is disconcerting at a time when the entry of big corporates into the banking sector is being discussed. Given the deputy governor’s concern over how banks favour larger corporates and the global history with corporates owning banks—that was behind the IMF and Nobel laureate Joseph Stiglitz’s warnings on this—the government and RBI would do well to keep this in mind.
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