Rajan predicts ‘revolution’ in banking industry


The Reserve Bank of India (RBI) is contemplating a range of measures to increase competition in the Indian banking sector, which Raghuram Rajan believes is a "necessity" if the country is to "finance the enormous needs of the real economy".

Rajan, the RBI governor, delivered an impassioned speech at the Competition Commission of India on Tuesday, where he laid out the two "grand bargains" between banks and government that shaped the country's present financial landscape – and more recent develop

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