An RBI working group insider explains the thinking behind businessmen-as-bankers recommendation

"We have suggested revisiting the fit-and-proper criteria. We have said that financial conglomerates getting into banking should have a structure NOFHC to come through and that companies should be regulated through RBI guidelines and necessary legislative framework," says Sachin Chaturvedi who is on RBI's central board.

source https://economictimes.indiatimes.com/industry/banking/finance/banking/an-rbi-working-group-insider-explains-the-thinking-behind-businessmen-as-bankers-recommendation/articleshow/79485604.cms