Tuesday, August 5, 2014

New Banks Licences 2014

RBI initially planned to clear this task by January 2014 but it got delayed for some reasons. 26 applications for setting up of private banks were received by the regulator from different corporate houses, financial institutions, NGOs or Microfinance bodies and Postal Department.  Then came announcement of general elections and the issue was hanging.  Now that a clarification has been received from the Election Commission that RBI is free to go ahead, two organisations viz., IDFC and Bandhan are being permitted. This is a very healthy sign.  In a phased manner, may be other deserving outfits are also allowed to go ahead.

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