This economic structure was well aligned with the contemporaneous banking structure where public sector banks owned roughly 90 per cent of total banking assets in India, especially after two major episodes of nationalisation of banks (1969 and 1980).
Among these, importantly, are the different national, provincial, or state regulatory regimes. Here, it seems to me that one of the key questions we should be asking ourselves is whether we have given sufficient consideration to “harmonizing” a number of our regulations with those of the United States.