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Thursday, January 9, 2014

Current bank licensing makes RBI itself a lawbreaker; competition transformation required


The Reserve Bank of India's (RBI) process for the entry of new banks is inconsistent with the rule of law. We urgently need to transform competition in banking, but we should never lose sight of the objective of being a liberal democracy. What are the features of the rule of law? The law should be known to all in advance. Given the facts of a case, it should be possible to arrive at a reasonable prediction for what the outcome would be. Reasoned orders must be published, explaining the facts and .. 


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