Some new banking licences by August, says Rajan

Mumbai, June 2 (IANS) The first set of new banking licences will be issued by August, taking the number of such private financial institutions operating in the country to more than 12.

“I hope to announce at least one set of bank licence by August end,” Reserve Bank of India (RBI) Governor Raghuram Rajan said during a press conference on the monetary policy review held at the RBI headquarters at Mint Street here.

“I hope to also review all of our past decisions.”

According to the data available with the RBI, 26 applicants were vying for a new banking licence, of which two — Tata Sons and Videocon — withdrew their applications later.

A committee headed by former RBI governor Bimal Jalan submitted its report in February last year, recommending the names of the prospective institutions out of the 24 applicants that were in the fray for these licences.

India’s central bank has licensed 12 banks in the private sector in the last two decades, of which 10 were licensed on the basis of guidelines issued in January 1993.

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