...... There are enough grounds, then, to be cautious in granting bank licences to entities primarily engaged in real estate or broking, if only to prevent the prospect of depositors’ monies being funnelled into these businesses. If the RBI, in the light of the feedback received on its draft norms, felt that the denial of banking licences to those in real estate or broking business would be unfair, it would have been perfectly in order for it to delete it altogether.........
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