This refers to the report "Poll panel raises red flag on bank licence timing" (March 20). The United Progressive Alliance (UPA) government burnt the midnight oil to bring the issue of bank licences to the current stage and would certainly wish to take credit for it. However, the Reserve Bank of India has taken a cautious line by referring the issue to the Election Commission. The Commission may be wary of taking a decision on many counts, but also on the expected spike the new licences will give to the stock markets, which may be criticised by the Opposition as an undue favour to the ruling UPA. Granting licences to any corporate houses could also get mired in controversy. Though it may sound unfair to the UPA, it would be sensible to delay the issue of licences till the results of the general elections are declared.
Y P Issar, Karnal
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