It is often said that wisdom lies in putting oneself in the shoes of the person on the other side, before taking any decision that impacts that person. In the area of regulation, this is sought to be attempted by putting out the proposed contents of new regulations for discussion or consultation. It is presumably with this intention that the Reserve Bank of India (RBI) had put out, in June 2020, a Discussion Paper on Governance in Commercial Banks in India.
In the words of the RBI, “the objective is to align current regulatory framework with global best practices, while
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