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Bimal Jalan, former governor of Reserve Bank of India (RBI) and head of the high-level panel that screened the applications, tells Abhijit Lele it's a good beginning and more banking entities are good for the sector. Edited excerpts:
RBI has finally begun the real action. How do you see the process?
It is a good beginning. RBI has said licences will be a continuous process. More banking entities are good for the sector.
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India Post did not get a licence. How do you look at it?
The panel (headed by him) had advised to consider the application separately in consultation with the government of India. That's what RBI has said.
How will India Post go about in forming a bank?
Its nationwide presence is a positive aspect. The department has to work out the logistics and after that can be another public sector bank.
