Four months after the Reserve Bank of India turned down his application for a banking licence, Navi cofounder Sachin Bansal told us in an interview that India cannot become an advanced economy on the back of traditional banks, and that modern ones are needed to help the country reach its full potential.
Need modern banks to build advanced economy: Sachin Bansal
Bansal said that the country needs more modern banks if it is to build an advanced economy, as a handful of traditional banks can’t do that. He added that most people in the government and RBI would agree that there is a case for modern banks in India now.
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