RBI grants 10 small finance bank licences | Business Line

RBI grants 10 small finance bank licences | Business Line

My VIEW:

This
also marks the fulfilment of a promise from RBI after Dr Raghuram Rajan took
over as Governor to bring more players into the mainstream banking business
though granting differentiated banking licences (universal banks, payment banks
and small banks).
A revamp of the
institutional arrangement in the financial sector was overdue since 1990’s and
was dodged for extraneous reasons. It needed a different leadership at Mint
Road for RBI to gather the courage to make new experiments, despite legal and
political constraints.

The MFIs and other
players who could not make it in the first batch to transform into ‘banks’
should see this as an opportunity to change themselves by offering services and
financial products which can compete with those offered by banks. A word about
cooperatives. NABARD should take initiative in reforming thousands of primary
cooperatives(both multi-purpose and credit) so that their clientele do not
migrate to the new banks for better service. RBI has already initiated moves to
streamline the working of urban cooperative banks.

M G Warrier, Mumbai



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