If RBI sees its Tuesday decision in this light it will do itself a favour. It can then anticipate another pressure from below and reform pro-actively, instead of appearing to have been forced into making changes. India’s banking is subject to outrageous restrictions. Banks can’t open ATMs without permission, forget easy rules for expansion, merger and more private banks. Bank can’t pay their executives as they want. Top bankers can’t decide which company boards they want to sit in. This is absurd. And this will change because the economy will demand that it does. Why doesn’t RBI change before that?
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