Half - Lion: How P.V. Narasimha Rao Transformed India

by Vinay Sitapati

In January 1993, just a month after the flattening of Babri Masjid, the Narasimha Rao government unveiled a reform that would have normally infuriated the Left. The Reserve Bank of India—with a nod and a wink from the government—announced licences for private banks.