Latest News
-
Rs 17.50/Share Dividend: Tata Mid Cap To Consider Dividend On April 29, LIC Stake 9.88% -
Upcoming Adani Stock Dividend: Midcap Cement Stock To Declare Dividend, Q4 Next Week; BUY For Rs 3,225 -
Elon Musk Postpones India Trip, Tesla's Indian Market Entry Delayed -
HDFC Bank Q4 Results: Net Profit Rises 37% To Rs 16,512 Cr; Rs 19.5 Dividend Declared -
Gold Prices: 10-Gram 24-Carat Rises Rs 8,010 Before Falling; Chennai Gold Price At Rs 75,110 -
Defence Stock Set To Become Cheaper, 1:5 Split Approved: Shares Zoom 406% In 1-Yr -
Indian Railways Announces Historic Increase in Summer Train Trips -
62-Yrs Old Fertilizers PSU Set To Recommend Dividend Rewards, Rises 78% In 1-Yr; Yield 4.49% -
Want To Be Debt Free? 5 Simple Ways To Repay Your Loan Faster -
1:2 Stock Split, Dividend 100%, Net Soars 52.56%: Engineering Stock Soars 1576% In 3-Yrs
Not all eligible applicants may get bank licence: Subbarao
"We will try to accelerate the process ... We will look at the applications and then decide. It is still possible that not all eligible applicants might get licences," RBI Governor D Subbarao told reporters here.
Earlier this week, RBI announced that 26 entities, including Tata Sons, LIC Housing Finance, Aditya Birla Nuvo, Department of Posts, Reliance Capital, L&T Finance and Bajaj Finserv applied for grant of bank licences.
"... Over the next three to four months, we will do an internal evaluation of the applications to check them for their completeness and get any additional information that we might need," Subbarao said.
He said an external committee would then screen the applications and make the recommendations.
"The Reserve Bank will then make a decision on the final licences. The number of final licenses to be given we have no number at the moment," Subbarao added.
The Reserve Bank is expected to grant new licences by March next year.
India has 26 public sector banks, 22 private sector banks and 56 regional rural banks.
Ten banks were licenced on the basis of guidelines issued in January 1993. The guidelines were revised in January 2001 based on the experience gained from the functioning of these banks, and fresh applications were invited.
Finance Minister P Chidambaram on Wednesday said no preference will be shown to applicants and government will have no say in the issue of licences.
"There is no preference. All the guidelines have to be satisfied ... Government will have no say in the selection of the applicant who will get a bank licence. We are not entertaining any sifarishes (recommendations) of the applicants," he had said.
PTI
