Rajan gets fast start at India’s central bank

September 9, 2013

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.

4 Responses to “Rajan gets fast start at India’s central bank”

  1. J.St.Clair Says:

    from what i see…there are far too many branches of banks in developed countries…far far far too many…which are taking up land space as well……”freedom for banks”..what is that about?…..

  2. J.St.Clair Says:

    and…”international standards”…..what does that mean……does that fall into the category of “new world order” that the 99 percent do not believe/trust because they are forced/moved “out of the market”

    • David Backus Says:

      If you read the links, you’ll see that a much smaller fraction of people in India have bank accounts than in other countries, even developing countries.

  3. J.St.Clair Says:

    wanting banks to transact EVERY transaction on the planet…..is not “fair”……that is a one sided “game”…….

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