Nobel laureate Abhijit Banerjee’s suggestion that foreign investment be allowed in the beleaguered banking sector is just the help it needs. It will boost the economy and lead to efficient use of resources.
Ignoring the advice of experts, the RBI’s Internal Working Group has recommended the entry of business houses into the banking sector. This can have dangerous repercussions for depositors and shareholders.
The Calcutta High Court, while passing judgment on a challenge to a show cause notice issued by the registrar of a cooperative society, has said that a registrar is competent to issue show cause notices for violation of rules and byelaws.