The first would offer foreign banks a deal by which they create proper subsidiaries in India (which should be easier to regulate) and direct more lending to priority areas such as agriculture.

ECONOMIST: China��s banking system is not a good model for India

Expect them to bog down quickly on how to regulate of the multitrillion-dollar market for OTC derivatives, which operate outside the direct reach of regulators and are partly to blame for the financial crisis having felled American International Group, one of the largest U.S. financial companies, and Lehman Brothers.

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