Banking hopefuls approach RBI with clarifications on new bank licence norms

Posted By: Religare
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Wanting to set up banks, at least 50 hopefuls have approached RBI to seek clarifications on the norms prescribed by the central bank for issue of new banking licences.

The clarifications being sought include procedural issues like the details to be provided in the licence application forms, issues concerning the exact time period that RBI might take in grant of licences, whether the applicants can be given a provisional licence and then be allowed to meet all the requisite norms to get a final banking licence.

Earlier, RBI had issued the final guidelines for grant of new bank licences on February 22, but it later said that applicants can seek clarifications on these norms till April 10.

After April 10, RBI would make public the clarifications and its response to them, although the identity of those who raise queries would be kept confidential.

The aspirants would need to apply for the licences till July 1, after which RBI will make their names public.

The list of aspirants includes names like Anil Ambani-led Reliance Group, L&T, Mahindras, Birlas, Religare and Videocon. Many NBFCs including Shriram group, Indiabulls, India Infoline, IFCI and PFC have shown interest.

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