RBI likely to complete scrutiny for new bank licence in a month

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RBI to complete scrutiny for new bank licence in a month
According to a senior RBI official, the Reserve Bank is about to conclude the initial scrutiny of 26 applications for new bank licences in a month. "The process is likely to be completed in a month or so. Thereafter, shortlisted names will go to the High Level Advisory Committee chaired by former RBI Governor Bimal Jalan," the official said in the media report.

"We are in the process of constituting an external committee. Bimal Jalan, an illustrious former Governor, has agreed to chair it and the committee will be composed of individuals with impeccable reputation," Rajan had earlier said in the media.

Tata Sons, India's biggest business group, and firms controlled by billionaires Anil Ambani and Kumar Mangalam Birla are among the 26 entities that applied for bank licences two months ago, said the media report.

Among public sector units, India Post and IFCI have submitted applications. Micro finance institutions such as Bandhan Financial Services and Janalakshmi Financial, too, have expressed their intention to set up banks.

Dion Global Solutions Ltd.

Story first published: Monday, September 30, 2013, 9:20 [IST]
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