Bimal Jalan the former Governor of Reserve Bank of India (RBI) with the most concise and precise words spoke about the differences that was between the finance ministry and central bank. He stated that when times are tough, it is essential for the finance ministry and the central bank to work together. He also referred to the present governor of the RBI and the finance minister by stating that two people could differ. He made his statement on September 26, in Delhi at the 40th National Management Convention.
There was also a mention that private companies would have to wait for sometime in order to get their banking licenses. Jalan could not comment on the time limit as well as he is also heading the external committee which will screen the best out of the 26 applications. Some of the major names that have submitted their application are Anil Ambani, the Tata's as well as Kumar Mangalam Birla.