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In different orbits

The evidence continues to mount that the major policy-makers in the Manmohan Singh government are not pulling together as they should. The two latest instances include the Reserve Bank's "discussion paper" issued a few days ago on the ideal corporate structure for financial conglomerates. This seems like an almost transparent attempt to shoot down ICICI Bank's proposal for creating an intermediate subsidiary that would hold its operating subsidiaries in the fields of insurance and asset management. The discussion paper has tell-tale signs of being a document that has been put together ...