It would be better for us, if it joined at the outset. I cannot predict future movements of sterling relative to the euro. I would, however, point to the Treaty requirements that all member States should treat exchange rate policy as a matter of common interest. This applies as much to the UK as to anybody else.
The more sophisticated risk management and superior technology that foreign banks bring in will diffuse to Indian banks and bring our banking system close to the global best practices. Rural cooperatives, Regional Rural Banks and urban cooperative banks would be stronger with higher standards of corporate governance and stronger balance sheets. They will be an important vehicle for financial inclusion.