>> Reserve Bank of India said on Wednesday it
had granted bank licenses to IDFC Ltd and Bandhan
Financial Services that would be valid for 18 months and would
be subject to the two financial firms fully complying with central bank
regulations.
>> The central bank will also consider the application of
India Post, but under a separate process to be carried out in consultation with
the government.
>> The RBI
last year allowed corporate houses to form banks as part of an effort to expand
access to financial services in the country. No new Indian bank has been formed
since Yes Bank in 2004.
>> The
Election Commission on Tuesday allowed the RBI to announce new bank licences
even ahead of general elections set to conclude next month, according to a
notice in the commission's website.
>> The RBI
had sought the commission's approval to issue new bank licences to ensure the
process would not clash with the code of conduct ahead of elections, which
prevents decisions that may be deemed as political from being taken by
government officials or regulators.
>> The
central bank said 25 applicants had been considered, and judged under various
criteria including analysis of their financial statements, track record of
running their business over the past 10 years and potential to run a bank.
>> The RBI
Governor Raghuram Rajan had formed a four-member external panel to scrutinize
applications for new banking licences, headed by a former RBI governor Bimal
Jalan. It started evaluating the applications from November.
0 comments:
Post a Comment