New banking licences to help implement Basel-3 norms: Subbarao tells media
Posted By: Religare
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The Reserve Bank of India (RBI) governor D Subbarao said that the decision to allow private sector companies foray into banking industry was taken in the national interest and after extensive discussions, as per a media report.
The report quoted Subbarao as saying that it will also help implement the Basel-3 norms as Indian banks would go out and open branches abroad while foreign banks will come and set up branches in India.
Basel-3 norms implementation started from April 1 this year and has to be completed by March 2018. Subbarao said India needed to learn to manage its policies in a globalized world which is currently going through a tough phase.