Subsequently, in pursuance of the recommendations of the Joint Parliamentary Committee (JPC), a Working Group was constituted by RBI to evolve guidelines for voluntary merger of banking companies.
The complexity is also characterised by a phenomenon known as “Knightian uncertainty”, named after the famous Chicago economist Frank Knight. Knight argued: “There are known knowns; there are things we know we know. We also know there are known unknowns; that is to say we know there are some things we do not know.