.........Former deputy governor Anand Sinha once said, “We are painfully aware of the pitfalls (of industrial houses owning banks), but we will make sure that regulations are not subverted,” and he stuck to his words. The regulator’s reluctance to give licences to corporations is well-known but the way it has managed to stick to its stance despite agreeing to open the doors to companies under pressure from the government is remarkable. The credit goes to former RBI governor D. Subbarao as well as current one,Raghuram Rajan—.......
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