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Crony capitalism has built up slowly in India, emerging as a Frankenstein’s monster a decade and a half after politicians began to unchain the private sector in the early 1990s

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RBI keeps on hold suggestion to give bank licence to big businesses

The Reserve Bank of India (RBI) has not yet accepted a recommendation to allow industrial houses to float banks in the country and has kept the non-promoter shareholding capped at 10 per cent for individuals or non-financial institutions.

The internal working group, constituted on June 12 last year under the chairmanship of Prasanna Kumar Mohanty, director, central board of RBI, had suggested in its November 20 report that large corporate, or industrial houses should be allowed in banking after necessary amendments to the Banking Regulations Act. Read more

Bihar, Jharkhand,

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First Published: Nov 26 2021 | 5:16 PM IST

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