Another dynastic legacy

Last week, the Reserve Bank of India (RBI) granted in-principle approval to IDFC Ltd and Bandhan Financial Services Pvt. Ltd to set up banks. However, the Indian banking system is badly in need of capital and the problem will persist regardless of how many new bank permits are issued. These days, the discussion on the legacy of the United Progressive Alliance (UPA) decade revolves around comparing economic growth in the UPA and the National Democratic Alliance (NDA) years, ignoring lags and leads.

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