The Finance Minister’s insistence on licence for New Banks
The Finance Minister P.Chidambaram has stated that the declaration of election will not have any obstruction in granting licences to new banks. He wants that new banks be given licence.
In fact, there is no need for new banks, with so many banks in the country. Two, the new banks will be mainly from the corporate houses who want their own banks, so that they manipulate them. Of course, grant of bank licence to India Post, there is no objection since it is already functioning with P.O.Savings Bank.