 "RBI")
The recent press release by the Reserve Bank of India on its acceptance of 21 of the recommendations made by the internal working group, with minor modifications, is a welcome step towards the extant ownership guidelines and corporate structure for Indian private sector banks. The much-awaited decision on the conversion of non-banking financial companies or NBFCs into universal banks and allowing large corporate/ industrial houses to run banks may soon be addressed by the regulator as well.
Of course, for admitting large corporates/industrial houses, the Banking Regulation Act, 1949 needs amendments, and will have to go through the parliamentary process. In
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