..........Finally, RBI will do well to look at a new bank for the new India. Not so much in terms of the rural and urban but in terms of the structure of the economy. The policy framework and regulatory institutions are still tailored for a world in which physical capital drove growth. So far, banking in India has been driven by project financing in the manufacturing sector. With the services sector contributes 55% (excluding construction) of the gross domestic product compared with 16% of manufacturing, large investments are being made in intangible assets.......
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