The approvals for mergers  BIS Review 46/2008  5  from the RBI became necessary as there was a change in the structure of the banks’ subsidiaries, which had been established under Section 19(1) of the B R Act, 1949 with the regulatory approval of the RBI. (f)  Attempted mergers that did not materialise  20.
Both cycles often move in sync, but this time they aren't. So this current cycle presents the possibility to more clearly understand the differing effects of the housing construction cycle and the housing price cycle.