According to the media report, the matter is still under consideration of the Commission, which met yesterday, and a decision will be taken shortly. Last week, Election Commissioner H S Brahma had said the request would most likely be taken up by the Election Commission on March 31.
Finance Minister P Chidambaram said although there was no need to refer the proposal, it had been done out of abundant caution.
"Governor Raghuram Rajan made it clear even on that they referred to EC only out of abundant caution. This process had started almost two and a half year ago. This is the process where the government has no role at all," Chidambaram said.
Inviting, screening, scrutinising and selecting candidates for grant of bank licence is a purely RBI-driven process and the government has no role, he had said.
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