Former Reserve Bank deputy governor to head panel to review bank licence pleas

Mumbai: The Reserve Bank of India (RBI) on Monday reconstituted the Standing External Advisory Committee (SEAC) to evaluate applications for

universal & small finance banks.

The five-member panel will be chaired by MK Jain, former deputy governor of the RBI.

As per licensing guidelines, applications for universal banks and small finance banks are initially screened by the RBI to ensure prima facie eligibility of the applicants.

Thereafter, SEAC, comprising eminent persons with experience in banking, the financial sector and other relevant areas, evaluates the applications.