Distinguished academic economist Raghu Rajan took over last week as head of the Reserve Bank of India, the central bank. On his first day, the FT reports, he starting tearing down decades of red tape restricting competition among banks. The template comes from a 2008 report, most of which had been ignored till now. Initial steps include freedom for banks to open new branches (duh!) and easier entry by foreign banks. The rationale is to make banking services available to a broader cross-section of the population, which remains underserved by international standards.
Rajan gets fast start at India’s central bankSeptember 9, 2013