PERMITTING INDUSTRIAL HOUSES TO OWN AND CONTROL BANKS

Nov. 29, 2020

An Internal Working Group (IWG) of the RBI has recently made a far-reaching recommendation: To permit industrial houses to own and control banks.

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According to the report, the main benefit is that industry-owned banks would increase the supply of credit, which is low and growing slowly.
The IWG acknowledges that it ignored the experts the group had consulted. The report states that all the experts except one “were of the opinion that large corporate/industrial houses should not be allowed to promote a bank”.

Source : Indian Express

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