Needed, a new-age DFI

......Rather than reinventing the wheel, it makes a lot more sense to focus on this layer, especially after the RRBs have been recapitalized by the government and given a new lease of life by RBI through concerted regulatory action. In a similar vein, more than banking innovation, which ideally the market should deliver, the focus of the policymakers should be on institutional innovation in the banking sector. Twenty years ago, the economic policy regime was changed rather dramatically. Since then..........

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