In his first interview since taking charge, the new RBI Governor Sanjay Malhotra chose his words with characteristic restraint. Curiously, this interview was given to a mass English daily rather than a specialised business newspaper. Even a carefully worded observation—stating that banks must be managed by people with a sound track record, integrity, and expertise—has been enough to trigger a fresh wave of speculation across financial markets.The reason is simple. In a country where regulatory nuances are scrutinised as policy tea leaves, the mere suggestion that India needs “more banks” has been read as a softening of the RBI’s long-held position on corporate ownership of banks.
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