NEWS & ADVICE : SAVINGS ACCOUNTS
RBI to issue clarifications on queries on new banking licence norms
By Neelima Shankar
Mar 8, 2013
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The Reserve Bank of India will be issuing clarifications on queries by potential applicants on the final guidelines for licensing new banks in the private sector.

RBI in a statement said, "Considering that the clarifications sought would be of wider interest and use for all intending applicants, clarifications will be posted on its Web site."

Potential applicants can send their queries to the RBI by April 10. The central bank assured that the identity of those who raise queries would be kept confidential.

On February 22, the RBI unveiled the final guidelines for setting up new banks in the private sector. The guidelines come three years after the then Finance Minister, Mr. Pranab Mukherjee announced that the RBI is considering giving some additional banking licences to private sector players.

The new banking guidelines said entities in the private sector, public sector and non-banking finance companies (NBFCs) will be eligible to set up a bank. Eligible NBFCs could be permitted to promote a new bank or convert themselves into banks.


 


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