Let a dozen banks bloom

Forty-two years after nationalizing the nation’s major banks, India is readying to allow industrial houses to return to the banking space, which many countries across the globe are still wary of as smart corporations are capable of using money to their advantage and deny funds to competition. But if the Reserve Bank of India’s (RBI) draft licensing norms for a new set of banks are anything to go by, not too many business houses will be able to meet the fit and proper criterion.

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