Both government and Reserve Bank of India (RBI) have fast-tracked the process for banking licences and are in bid to issue these by March 31, 2014, two months before the General election in April-May.
The screening panel, headed by former RBI Governor Bimal Jalan, has already reviewed all the applications and has sought additional details from RBI. This screening process is expected to be completed within current fiscal and new banking licences will be handed soon after that. The committee will hold another two meetings for elimination of applicants which do not meet the ‘fit and proper’ criteria for getting a licence.
As many as 26 applications were given for setting up new banks, of which two were later withdrawn, from Tata Sons and Videocon Industries' subsidiary, Value Industries, while one more, from KC Land & Finance, was added.
Further, Reserve Bank of India deputy governor Anand Sinha is likely to be appointed as officer on special duty for three months after his term expires on January 18, to help complete the work on new bank licences that he has been overseeing. However, since Sinha will be appointed as consultant to RBI after his current term ends, the government would appointment a new deputy governor to replace him.
The screening panel, headed by former RBI Governor Bimal Jalan, has already reviewed all the applications and has sought additional details from RBI. This screening process is expected to be completed within current fiscal and new banking licences will be handed soon after that. The committee will hold another two meetings for elimination of applicants which do not meet the ‘fit and proper’ criteria for getting a licence.
As many as 26 applications were given for setting up new banks, of which two were later withdrawn, from Tata Sons and Videocon Industries' subsidiary, Value Industries, while one more, from KC Land & Finance, was added.
Further, Reserve Bank of India deputy governor Anand Sinha is likely to be appointed as officer on special duty for three months after his term expires on January 18, to help complete the work on new bank licences that he has been overseeing. However, since Sinha will be appointed as consultant to RBI after his current term ends, the government would appointment a new deputy governor to replace him.
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