51: #HTLS2020 | Corporates owning banks: FM Nirmala weighs in on debate

Union Finance Minister Nirmala Sitharaman commented on the debate sparked by a report of an Internal Working Group of the Reserve Bank of India. The IWG's favourable view on corporates owning banks has led to a chasm between commentators on the financial sector, with some in favour and some vehemently opposed to the recommendation. At the 18th edition of the Hindustan Times Leadership Summit, Sitharaman said that this discussion was not new, and many non-banking financial companies had been given permission to start banking operations in the past.