Any right thinking Indian will certainly question the wisdom of the Raghuram Rajan, the newly appointed governor of Reserve Bank of India (RBI) mooting a proposal to allow foreign banks to take over our over century old domestic banks. The situation is so bad overseas that our veteran bankers can do well to manage over the badly performing foreign banks.
The statement in Washington on unveiling “major banking reforms” that will entail allowing foreign banks to take over domestic banks has rightly raised heckles across the country. Bharatiya Janata Party (BJP), the main opposition party, has come out with a strong statement to say that this goes contrary to the Centre’s stand that its “policy of nationalisation of banks will not be reversed.
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