RBI to issue clarifications on new bank licence norms on Jun
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RBI to issue clarifications on new bank licence norms on Jun

Last Updated: Friday, May 31, 2013, 21:18
 
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RBI to issue clarifications on new bank licence norms on Jun
Mumbai: The Reserve Bank Friday said it will issue clarifications sought by interested entities on new banking licence norms next week.

"The queries have since been examined and the clarifications would be posted on the RBI website on June 3," RBI said in a statement.

The RBI had issued guidelines for licensing of new banks in the private sector on February 22, 2013. Following issue of the guidelines, RBI received several queries regarding the guidelines, it said.

To comprehensively reply to all queries, RBI issued a press release on March 7, 2013, asking that queries on the guidelines may be sent to the Reserve Bank by April 10, 2013 and that clarifications would be posted on its website, it said.

Many large business groups such as Anil Ambani-led Reliance Group, L&T, Mahindras, Birlas, Religare and Videocon have already made public their intentions to apply for the licences, 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.

However, the RBI is expected to follow conservative approach and allow 4-5 new players in an already highly competitive banking sector.

Many aspirants have roped in former bank chiefs and other senior bankers from India and abroad as consultants to help them prepare for seeking the licence. Interestingly, a large number of real estate players have shown initial interest despite their financial positions not being entirely in adherence to the norms spelt out by the RBI.

After July 1, the last date of application for bank licence, RBI will make public names of all the interested entities. RBI last gave bank licences around a decade back.

PTI



First Published: Friday, May 31, 2013, 21:18


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