How different will be a differentiated bank licence?

The article discusses the plan of the Reserve Bank of India (RBI) to open a differentiated licences for the country's banking industry. An overview about the Indian financial system which constitutes commerial banks, cooperative banks, financial institutions and non-banking finance companies (NBFCs) is provided. Also tackled is the assurance of RBI governor Raghuram Rajan that aspirants can consider applying for a differentiated permit instead of a full licence.