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RBI to allow 4 new banks: Report

Last Updated: Friday, October 5, 2012 - 09:20

Zeebiz Bureau

New Delhi: In a big-ticket announcement to boost the financial sector, the Reserve Bank of India (RBI) is all set to invite applications for new banking licences this month, a newspaper reported on Friday.

RBI is expected to offer four slots for new banks. The minimum capital requirement for each bank is expected to be pegged at Rs 1,000 crore.

The Reserve Bank of India released the Draft Guidelines for “Licensing of New Banks in the Private Sector” on its website on August 29, 2011. The Reserve Bank had sought views/comments on the draft guidelines from banks, non-banking financial institutions, industrial houses, other institutions and the public at large.

Citing a top government source, The Indian Express report said that the RBI will issue the final guidelines before announcing its second quarter monetary policy on October 30.

As per the newspaper, industrial houses and companies having large involvement in real estate and construction won’t be granted licences and that they will be given only after the bill is passed by Parliament.

First Published: Friday, October 5, 2012 - 09:20
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