The RBI has come out with a set of draft guidelines for issuing licence to new banks in the private sector. However, the main question is why the government is bent upon opening up the banks to the private players when there is ample scope to expand PSBs to unbanked rural areas. The swiftness with which the amendment to Banking Regulation Act 1949 was passed in Parliament by the UPA government was clearly aimed at enabling the unrestricted entry of the private sector into the banking domain.
- J.Anantha Padmanabhan, Srirangam (HBL)
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