....... So, whatever it recommends, it will result in a very small number of licences, mostly to the big boys from industry and finance. No doubt the RBI will impose upon them conditions that would require them to open a certain number of branches in villages; but they are unlikely to revolutionize the moribund Indian banking industry. This is very different from what the earlier Mr Rajan envisaged. Power brings responsibility and makes people conservative; but did Mr Rajan have to do such an about-turn?
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