The 2007-08 nightmare of the US financial system collapse and its universal effect on regulators and the central banks will not go away in a hurry, and the RBI is no exception. That the RBI has put in place a number of riders for permitting more private players in Indian banking is understandable. After all, allowing higher foreign stakes in aviation or retail is different from opening up insurance and banking.The RBI has been averse to private bank conglomerates, as it would need to arm itself with greater insight into their workings, which have spread unease across the globe.
R. Narayanan (HBL)
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