Here are a couple of links in praise of the RBI and former Governor Reddy.
This one by TCA Srinivasa Raghavan when the Turner Report came out
and this one in the New York Times last December on How India avoided a crisis
Both go to show how context matters in policy and regulation.
I had also written a piece in Financial Express a couple of months back explaining the foreign bank branch licencing policy as well, main conclusion being: