Prospective bank licence seekers, be it industrial houses or finance companies, will have to prove their commitment to the government's social agenda of 'financial inclusion' if they are to stand any chance of getting one, Reserve Bank of India Governor Duvvuri Subbarao said.
Foreign banks that want to expand in India may have to mandatorily set up subsidiaries if they are serious about reaping the fruits of Indian growth, although the new rules are yet to be finalised, Subbarao signalled.
The central bank, which will be issuing an undisclosed number of licences in the next few months, is expected to lean towards taking banking to the poor rather than let a few be housed in cities and become trading power houses instead of aiding real economy.
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