...."We have been negative on banks generally for the best part of the last two years. It is not so much dependent on what the Reserve Bank of India (RBI) did today. In fact if one looks closer to what Raghuram Rajan said on the day of his appointment in terms of increasing the bank licenses and making it a lot more frequent, the way we look at it is, Indian banks particularly some of the private sector banks enjoy significantly higher margins than what we see some of their peers in similar emerging markets too. That is largely because of the sector being protected for quite so long..............
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