..........The Reserve Bank of India’s recent strengthened oversight and guidance on impaired assets and restructured loans are steps in the right direction. Moreover, international experience suggests that governance structures in state-owned banks merit special attention, such as by ensuring a healthy complement of independent and professional directors, strong fit-and-proper appointment processes, and by mandating that they be at arms length from political interest which may impact commercial decisions. What is the IMF’s view on the extent of financial inclusion or exclusion in India and do any of the recent policies seem like they could help in that respect?..................
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