RBI to issue clarification on new bank licences soon
Moneylife Digital Team 07 May 2013

The central bank would shortly come out with its clarifications on issuing licences for more private sector banks

The Reserve Bank of India (RBI) has received queries from different individuals and entities on various aspects of 'guidelines for Licensing of New Banks in the Private Sector' issued on 22nd February and would soon come out with its clarifications.


Minister of State for Finance Namo Narain Meena, in a written reply to the Rajya Sabha, said, "RBI is currently examining the queries, and clarifications on the same will be placed on the RBI's website shortly."


The minister said the RBI has reported it has not received any application for opening of new banks till date.


To promote financial inclusion and further infuse competition in the banking sector, the RBI had issued the guidelines and invited applications from public and private sector entities for setting up banks by 1 July 2013.


Later in March, RBI asked the interested parties to seek clarifications they might have on the issue, by 10th April.

Amit Yadav
6 years ago
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