We realized that the guidelines for bank licensing need to be revisited in the changed context. The broad issues in new bank licensing are by now quite familiar: the initial size of capital, the period to be allowed for capital dilution, conversion of NBFCs to banks or promotion of banks by NBFCs and the advisability of allowing corporates to start banks.
Our recent history – and lack of collective action – has highlighted how difficult it is to ignite this sense of urgency for climate change transformation. Climate change transformation will involve developing and implementing renewable energy strategies, ‘greening’ the financial system, and managing economic and social adaptation. A full suite of plans and activities is necessary for such a significant task.