Monetary easing will aid the government's effort to accelerate economy's growth engine as quickly as possible- Nirmal Jain
All banks from early 2000 started doling out credit cards, like sales people hand out pamphlets at railway stations. This was so different from the time when yours truly got his first credit card.
It was 6 AM in the morning and people were frantically searching for the home page. Business Standard was carrying an advertisement to announce the launch of www.indiainfoline.com and the landing page had disappeared.
Raghuram Rajan’s CEO kind of approach, with set target of achieving things is a welcome sign. The debate is now whether the system will let him deliver or whether he too will fail the system test. History will judge him by what he does over a three-year period rather than the way our market reacts over a week.
The collapse of work ethics combined by need to get rich quick is a deadly cocktail.
More than 40% Indians do not have a bank account and over 90% are still untouched by bank loans. Although doors have been opened to new banks, we are being overly severe in terms of number and criteria.
The premiums the process demands will preclude the basic objective of financial inclusion - so will limiting the number of new banks
Already, we have an acute shortage, with banks not being able to reach out to almost half the population. Perhaps India needs 500 new banks today.
Broking is no less qualified than others to be eligible for a banking license, based on merits.
This is an exclusive cover story written for the magazine ‘4Ps Business & Marketing’. The article traces the growth of foreign banks in India and the way forward.
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