............In his report on the financial sector in 2008, Rajan said the LABs not only served the un-banked segments in rural/semi-urban areas, but were also profitable. Therefore, the RBI’s latest guidelines on small banks can only be taken as a serious second attempt to establish and popularise the concept. Against this backdrop, the key question is whether small, local banks obviate the need for other kinds of private borrowing and/or lending institutions such as, for example, nonbanking financial companies (NBFCs) focused on the micro/small business segment and low income households?.........
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