After telecom licences and coal blocks, will bank licences be the next cash cow for the UPA?

The finance ministry’s reported opposition to India Post’s plans to seek a bank licence from the Reserve Bank of India (RBI) puts paid to any pretence that it is the desire for greater financial inclusion that is driving the government to issue new bank licences. The ministry’s opposition defies logic. After all, who better than India Post with its overwhelming presence in the rural areas to deliver on the mandate of financial inclusion? But no, the finance ministry thinks otherwise.

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