India Taken Over by Foreign Banks?

Kavaljit Singh writes: On October 12, Raghuram Rajan, the new Governor of the Reserve Bank of India, announced that the RBI will soon issue new rules allowing a more liberal entry of foreign banks in India. “That is going to be a big opening because one could even contemplate taking over Indian banks, small Indian banks and so on,” he stated in Washington at an event organized by the Institute of International Finance, a global banking lobby group.

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