C. Rangarajan flags fewer regional rural banks as ‘a step in the wrong direction’; urges RBI to incentivise SFBs
Former Reserve Bank of India Governor C. Rangarajan has criticised the consolidation of Regional Rural Banks (RRBs), saying the move has undermined their local and regional character and could eventually lead to their merger with universal banks. “What has happened to Regional Rural Banks?” Mr. Rangarajan asked while speaking at an event in Chennai marking…