A few days back RBI openly admitted that its business is to protect the interests of Indian Banks (and therefore implying not consumers) It is no surprise that even others observe that RBI is acting pro cartel. Till date it only issues guidelines and delays decisions. Once in a while it tries to stop the economy by raising interest rates, etc. I wonder why it is thriving on tax payer's money.
Thats the way it works.... No Doubt... The intention of StanChart may be good... but to analyse the impact RBI has to make hard to acknowledge the application.... Good done RBI.... Hat's off ....
RE:RBI has to be protectionist .....
by Gautam Sinha on Jan 17, 2008 01:40 PM Permalink
how will microcredit to small farmers or other people in rural India impact India adversely particularly when it is mandated that Banks need to open more rural branches to facilitate micro credit? Stopping this only means that RBI is trying to protect the existing moneylenders and till private banks in India have sucked rural India with higher interest rates and threatened with goons. Foreign banks are decent enough to treat its customers as individuals and this probably is not digestible to the existing polity and banks.
The limeys are extra careful and polite while dealing with Chinese. Their tails are neatly tucked between their legs. It is the other way when they come to India.
