......The bank licence rules reinforce a form of universal banking that India may have outgrown. Fresh thinking on the spread of banks in the country has stopped short of segmenting the market for credit. Financial inclusion could be better served by sector-specific bank licences, where every new bank does not need to become a supermarket for financial products. State-controlled focused banking, like that for agriculture, has delivered mixed results. Private banks could bring in innovative new solution.
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