..........“Most banks are clones to each other. I am inclined to think that there is more cloning than differentiation… It will be sad if licences will go to entities which clone the present banks,” said Mr. Chidambaram, while inaugurating the IBA’s (Indian Banks’ Association) annual banking conference, BANCON, hosted by Bank of India, here. “We need banks which cater to communities, we need banks which cater to people living in tribal areas, we need a different bank to cater to North East, we need banks to cater to the urban poor, we need banks that cater to farmer families and we need banks that cater to women,” he added. RBI Governor Raghuram Rajan had earlier said that the central bank would issue licences to new banks in January next...............
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