Monday, the last day for the submission of applications for bank licences on Monday, saw a rush, not the anticipated stampede. Two decades ago, in 1993, when the Reserve Bank of India (RBI) opened doors to new banks for the first time, there were 113 applications. A decade later, in 2003, when applications for licences were sought a second time, there were around 100 applicants. This time, there are just 26. This, after it was reported that just about everyone was keen to enter the sector—banking, after all, is a lucrative business as it gives one access to cheap deposits. And 50% of India’s adult population does not have access to formal banking services. What’s wrong with the Indian market?.............
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