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The Reserve Bank of India's 22 new initiatives announced during the monetary policy announcement on Oct. 1 caught most by surprise. While the monetary policy decision was mostly a non-event, Governor Sanjay Malhotra's sweeping changes to banking norms were detailed and well thought out.

Sources told NDTV Profit that these changes were widely discussed over the last few months. According to a person in the know, the regulator's decision to alter the large exposure framework came after banks sought a review.

The large exposure framework, first introduced in 2016, was last materially altered in 2019. Since then, the banking industry has gone

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