Raghuram Rajan says RBI group’s proposal to let corporates float banks is a ‘bombshell’, questions timing

Moneycontrol reports:
Two former central bankers have questioned the recent recommendation by a Reserve Bank of India (RBI) working group to allow large business houses to run banks. In a scathing piece, former governor Raghuram Rajan and former RBI deputy governor Viral Acharya described the RBI working group's most important recommendation-letting businesses own banks-as a 'bombshell'. Last week, an Internal Working Group (IWG), set up by the RBI, recommended changes in private bank ownership guidelines and entry norms for corporates.
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