Days after an Internal Working Group (IWG) of Reserve Bank of India's (RBI) recommended allowing large Indian corporates to enter the banking sector, former RBI Governor Raghuram Rajan and Deputy Governor Viral Acharya have hit back at the suggestion and questioned the timing for it.

Terming the recommendation as a "bombshell", in a blogpost, they said that although several recommendations of the report are worth adopting the one to allow corporate houses into banking should not be taken up.