Rajan wants clarity on new bank licences by January | Business Standard

Rajan wants clarity on new bank licences by January | Business Standard

Online comments:

It is refreshingly comforting to see that an executive who is still with GOI has started getting seriously concerned about the goings on in an institution which he will be heading a fortnight later. The need to ensure continuity at the top in RBI is surfacing time and again. Now Dr Rajan also has admitted this by expressing the view that ‘some definitive steps’ on new bank licences should be taken before Deputy Governor Sinha demits office on January 18, 2014. His concern is genuine, as the other person who was responsible for initiating the process necessary for issue of fresh bank licences, Dr Subbarao, would have already moved out, once he takes charge. The environment in which Dr Rajan and his ‘new team’ will have to decide on 5 to 10 ‘in-principle approvals’ from the 26 aspirants has been made more complicated by the time-frame(first quarter of 2014) already announced by the Finance Minister in Lok Sabha and the announcement of ‘All Women’s Bank’ as also an application from Postal Department. FM cannot be blamed, as his anxiety to have something ‘tangible’ before the elections are announced is understandable. One wishes, banking was considered as another business or vocation and individuals or organizations(including corporates) were allowed to enter subject to potential for business and viability of the individual projects, in a well-regulated environment.
M G Warrier, Mumbai


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