Left unsaid

.......Thus it came about that it promised in 1994 to give a small window of entry to foreign banks, and allow them to open 12 branches each in a country of over a billion (a figure later generously raised to 20). That is what the Delhi government agreed to; the Reserve Bank of India was even more reluctant to give foreign banks a toehold, because it thought that its daughters, the banks nationalized in 1969, were still too young to face competition from industrial countries’ banks.......

Read - The Telegraph