ICICI Bank wants level playing field

BS reports

ICICI Bank Managing Director and CEO K V Kamath on Wednesday said there is need for level playing field for banks to compete with other institutions, such as mutual funds and insurance companies, for mobilising more deposits.

“A level playing field will enable banks to have their rightful share of deposits. And for this, a facilitating environment is needed,” Kamath said, declining to specify whether the facilitating environment includes tax incentives.
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K Unnikrishnan, senior vice-president, IBA, said “We will look at the issues concerning bankers. A lot of money is flowing into mutual funds and that doesn’t augur well for banks. The 80(L) benefits available on bank deposits earlier have been withdrawn.”

A lot of money is flowing into mutual funds. That's bad, is it not?