Raghuram Rajan while addressing an IMF meeting in Washington claimed that huge banking reforms are on the anvil in India. He said that foreign banks will soon be permitted to take over Indian banks.
One wonders whether the Governor has been correctly quoted because change in ownership of banks is beset with political and legal implications. RBI Governor of the day cannot arrogate to himself the authority to pronounce, suo moto, on such matters.
Such hasty declarations by persons in authority ultimately undermine the credibility of the government.
One wonders whether the Governor has been correctly quoted because change in ownership of banks is beset with political and legal implications. RBI Governor of the day cannot arrogate to himself the authority to pronounce, suo moto, on such matters.
Such hasty declarations by persons in authority ultimately undermine the credibility of the government.
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