.........When called upon to issue fresh private sector bank licences, it is right and proper for RBI to have sufficient powers to inspect the accounts and business of any associate enterprise of the applicant bank. Associate enterprises that have significant influence in the making of financial or policy decisions also come within the ambit of proposed amendments. The Act equips the regulator with substantially enhanced powers. Nonetheless, until such time as the Bill completes its formal process of enactment, aspirant companies seeking to enter the banking industry concurrently need to be well prepared.
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