Pitching for industrial houses wanting to set up banks, the Economic Survey said that they should be given banking licences to promote the goal of financial inclusion.
"As regards allowing industrial houses, business houses and NBFCs to promote banks, they may be allowed full banking license with provision for avoiding conflict of interest issues," the 2010-11 Survey tabled in Parliament by Finance Minister Pranab Mukherjee said.
Providing access to banking facility to all citizens is one of the main objectives of the inclusive development agenda, it said. While providing banking access, it said, the issue of regulatory robustness for the banking sector should not be compromised. "Therefore, the issue of providing eligibility norms for new entities to operate as banks is of paramount importance," it said.
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