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Reserve Bank of India Governor Raghuram Rajan waits for the start of the International Monetary and Financial Committee (IMFC) meeting uring the IMF and World Bank's 2014 Annual Spring Meetings in Washington, April 12, 2014.
Reserve Bank of India Governor Raghuram Rajan waits for the start of the International Monetary and Financial Committee (IMFC) meeting uring the IMF and World Bank's 2014 Annual Spring Meetings in Washington, April 12, 2014.
(Mike Theiler/Reuters)

Rajan rolls out red carpet for foreign banks in India

Canada’s banks generally have shied away from India. An onerous regulatory system and unfamiliar business culture always made a move into what is now the world’s 10th-largest economy something short of the slam-dunk investment that Bay Street’s famously cautious bankers like.

It may be time for them to take another look – if they aren’t doing so already. Raghuram Rajan, India’s central bank governor, is leading one of the most forceful efforts to overhaul the Indian banking system in the country’s history. He wants it known that outsiders are welcome.