The RBI gets it right on banks

The way in which the Reserve Bank of India (RBI) has issued two in-principle approvals for banking licences after a gap of 10 years, following a four-year process, shows the central bank and the Indian system in credible light. This is so because there is at least one past fiasco that the RBI and the system needed to live down. The contrast between the two illustrates the long road that the key regulator has travelled in nearly two decades.

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