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1、LendersofthelastresortIndiaisconsideringlettingitsbusinesshousesrunbanks.ItshouldthinktwiceMay25th2013
2、MUMBAI
3、Fromtheprintedition··TweetBANKINGinIndiaisavastproblemandahugeopportunity.Only35%ofadultshaveformalaccounts.Agrimreminderoftherisksforthe600m-oddunbankedfolkcameinApril.Amulti-billion-d
4、ollar,barelyregulated,“chitfund”inKolkatacollapsed,destroyingthesavingsofhundredsofthousandsofpoorpeople.Uptoadozencommittedsuicide,onebyimmolation.Preciselybecausethebankingmarketissounderpenetrated,itshouldofferlotsofgrowth.Althoughthereare196domesticbanks,amajorityarestate-controlledandstodg
5、y.Lendingmarginsarehigh.Sowhennewlicencesforprivateplayersaregranted,fortunesaremade.Thelasttwopermits,awardedin2003-04whentheindustrywasrecoveringfrombaddebts,havehelpedmake$10billionfortheirbackers.Inthissection·Lendersofthelastresort·Channellingcash·UnbreakableDimon·Systemreboot·Let’sdoitmyw
6、ay·Apocalypse,notyet·Cash-strappedKhashoggi?·Makingpaywork·AwardsReprintsRelatedtopics·ReserveBankofIndia·IndiaNowtheReserveBankofIndia(RBI),thecentralbank,planstoissuenewlicences.ApplicationsareduebyJuly1standafrenzyisbuilding.VikramPandit,theIndian-bornex-bossofCitigroup,anAmericanbank,hastea
7、medupwithalocaloutfit.Therecouldbeupto100entriesforperhapstenlicences,reckonsabanker.Mightsomeapplicantsbemoreequalthanothers?TheRBIhasditcheditsdecades-oldpolicyofpreventingIndia’spowerfulbusinesshousesfromowningbanks,whichwasdesignedtopreventcronyism.Thesegroupscontrol40%ofthestockmarketandar
8、elickingtheirchops.Some,suchasRelianceGroup,TataSons,AdityaBirla,MahindraandBajajalreadyhavefinancearms,whichlend,runinvestmentsandactasbrokers.Butwithoutbanklicencesthesehavenotbeenabletoraisedepositsfromthepublic.Thisconstrainthascappedtheirsizeatlessthan9%oftheassetsofIndia’sfinancialsystem.
9、TheRBI’schangeofheartmaybepartlyduetopoliticalpressure.ItisoneofIndia’sbestinstitutions,butitisnotstatutorilyindependent.Itsdraftguidelinesforthelicensingprocess,firstpublishedin2011,hadbeenwatereddownbythetimetheywerefinalisedinF
