Keep banking, industry separate: Sinha-led panel

The Yashwant Sinha-led Standing Committee on Finance has argued strongly against grant of banking licences to corporate houses. Stating that industrial houses may not be geared to achieve the national objectives of financial inclusion, it has recommended that banking and industry be kept separate. In its draft on “Policy on New Licenses in the Banking Sector,’’ a copy of which is with The Hindu, the committee has said that banking being a highly leveraged business involving public money and public welfare, it is of the considered opinion that it will be more in the fitness of things to keep industry and banking separate.

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