Bank reforms: From old wine to seminal changes

Banks Board Bureau is old wine in a new bottle

The last column of every year typically deals with the year that was. I would have loved to do that. By any yardstick, 2018 has been a tumultuous year for Indian banking. It started with the Reserve Bank of India’s (RBI) February 12 midnight circular which has changed the way banking is done, forever. This also sowed the seeds of discontent in the government. What followed was an exhibition of rancour both by the finance ministry as well as the banking regulator, leading to governor Urjit Patel’s resignation on “personal” grounds. 

There were other interesting developments, including diamantaires Nirav Modi