We also want to incentivize foreign banks to incorporate domestically, which RBI has been planning since 2005. This will allow us to regulate them better and reduce the risks of contagion, stemming from foreign shores. This is a necessary measure to ensure the stability of our banking system. It is a measure which many other countries have embarked.
Going forward, we have to give our public sector banks, which are a national asset, the means to improve their competitiveness.