Ashvin Parekh, Partner and Global Leader, Financial Services, Ernst & Young, in an interview on CNBC-TV18 gave his views on how he read the budget presented by finance minister Pranab Mukherjee for financial year 2011-12.
Below is a verbatim transcript. For the complete interview watch the accompanying video. Q: The FM did indicate that he would have guidelines for the new banking licenses by March 31. What are you expecting to pick here because the RBI has not been that comfortable about this as a concept? A: If you look at the economic survey which came out a couple of days ago, there is a mention of a new kind of banking and there is a mention of basic banking compared to commercial banking. Now that certainly will require to my mind, regulation to do a substantial amount of preparation in creating new regulatory framework. To begin with, basic banking with the government in the governmentDiscover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
