According to Chidambaram, the new banks which would receive banking licence shouldn’t look like each other with different names
Finance Minister P Chidambaram said that the Reserve Bank of India (RBI) would shortly issue seven licences.
Speaking at a conference at State Bank of Mysore, in Bangalore on Saturday, Chidambaram said the new banks should not try to become clones of existing banks.
According to Chidambaram, the new banks which would receive banking licence shouldn’t look like each other with different names. Each bank should cater to the needs of a special group of customers.
“We will have competition, efficiency and progress only if people attempt different things and do things differently,” he added.
Finance Minister P Chidambaram said that the Reserve Bank of India (RBI) would shortly issue seven licences.
Speaking at a conference at State Bank of Mysore, in Bangalore on Saturday, Chidambaram said the new banks should not try to become clones of existing banks.
According to Chidambaram, the new banks which would receive banking licence shouldn’t look like each other with different names. Each bank should cater to the needs of a special group of customers.
“We will have competition, efficiency and progress only if people attempt different things and do things differently,” he added.
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