New bank licences will take some time: RBI

New bank licences will take some time: RBI
Reserve Bank of India (RBI) has started scrutiny of applications and Deputy Governor Anand Sinha has said that the whole exercise will take some time to complete, suggested media reports.

Speaking to the reporters on the sidelines of a Ficci event, in-charge of banking supervision Sinha said, "We have started the scrutiny of applications. It is quite an extensive work because now we are looking at corporate groups. The workload is quite heavy in that sense."

Sinha also said the RBI will be setting up an external scrutiny panel after the internal scrutiny is over.

"Banking licence applicants have been given a transition period. We expect all applicants to comply with all that requirements," Sinha said.

PTI news agency has reported that RBI has also ruled out any relaxation of norms that require, among other things, Rs 500 crore networth and a holding company (of the proposed bank) which is unlisted and non-operative in a financial sense (NOHFC).

Dion Global Solutions Ltd.

Read more about: rbi, new banking licence
Story first published: Tuesday, August 6, 2013, 9:20 [IST]
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