It has been a little under six months after Rajiv Takru took over as secretary, department of financial services, or DFS, which handles state-owned banks, financial and investment institutions such as LIC, besides policies relating to pensions
.........There is no doubt that the only way for
an economy to grow is to have financial inclusion. But it does not mean
that anyone who applies will get a licence. I am sure RBI has no
intention of being reckless. Due diligence, super due diligence must be
done before someone is given permission. Because the last thing we want
is a dicey character coming here and fooling around in the banking
sector. Actually all the major failures have been because banks have
gone fooling around and giving loans in wrong places and because of
ownerships, connections and lack of firewalls. People were allowed to
take money and then siphon it out. This has happened the world over. So
why do you think that RBI is going through this elaborate exercise of
internal committee and external committee...........
Read - ET
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