Watal panel had suggested an independent payments regulator be set up.
Like Indira Gandhi, even Narendra Modi seems to be relying on directing public-sector banks through ministry of finance supported by party cadres, says Debashis Basu.
Things are expected to change dramatically in a few years for urban consumers.
Prime Minister Narendra Modi on Thursday launched his government's mega scheme ' Pradhan Mantri Jan Dhan Yojana', declaring that it was aimed at eradicating financial untouchability by providing bank accounts to the poor.
