<h1>Competition in banking: regulatory reforms propose differentiated licences and governance changes to boost inclusion and efficiency.</h1> Regulatory reform should expand competition through differentiated bank licences (including small and payments banks), targeted relief from legacy obligations like SLR/CRR for long-term infrastructure finance, and tradable fulfilment of priority-sector targets, alongside governance and managerial autonomy reforms for public sector banks to enable them to compete while preserving public purpose.