'Incomplete bank licence applications will not be considered'

Last Updated: Friday, June 21, 2013 - 23:03

New Delhi: The Reserve Bank Friday said applications for bank licences received after the last date of July 1 or incomplete applications will not be considered.

The RBI released the Guidelines for Licensing of New Banks in the private sector on February 22 and later came out with clarifications in June.

The central bank said applications for setting up new banks in the private sector should reach the RBI on or before July 1, 2013.

"Applications received after close of business (i.E. 17.45 hrs) on July 1, 2013 or incomplete applications will not be considered," it said.

The RBI had received 443 queries from 34 individuals/ organisations on the guidelines.

Earlier this month, the RBI issued clarifications making it more stringent for getting new bank licence even as it allowed the aspirants to have the holding and capital structure of the bank-holding company in place within 18 months of getting the in-principle nod, instead of 12 months prescribed earlier.

The RBI, however, has not said how many new licences it will issue.

At the AGM of Indian Banks' Association on June 6, Finance Minister P Chidambaram expressed hopes that some new bank licences would be issued before March next year.

Many large business groups such as L&T, Mahindras, Birlas, Religare, Anil Ambani-led Reliance Group, and Videocon have already made public their intentions to apply for the licence, while many NBFCs including Shriram group, Indiabulls, India Infoline, IFCI and PFC have also shown interest.
Those reported to be interested in banking licence also include Tatas and Mukesh Ambani-led RIL group.

Boards of many companies including IDFC and TFCI have already given approval for seeking banking licence.


First Published: Friday, June 21, 2013 - 23:03

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