........One reason could be the stringent norms put in by the central bank for issuing licence, both in terms of monetary requirement and compliance. Even Chidambaram has said that the only criteria for licence would be clearing the eligibility criteria. If everyone is eligible, all would get a licence. And it is widely believed that since the RBI gave enough time for the applicants to meet the criteria and submit their proposals, most would have ensured that they meet the eligibility criteria atleast on objective grounds. That leaves RBI to reject their application only on grounds of subjectivity............
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