New bank licences: Jalan Panel to hold meeting today
16 Dec 2013 11:08 PM GMT
The panel that is entrusted with the task of scrutinising applications for new bank licences will hold its meeting on Monday.
‘We are having meeting on 16 December in Delhi,’ former RBI governor Bimal Jalan, who is heading the panel said. The committee held its first meeting on 1 November.
The other members of the high-level advisory committee (HLAC) are former RBI deputy governor Usha Thorat, former Securities and Exchange Board of India chairman C B Bhave and Central Board of Directors of RBI director Nachiket M Mor. Initially, 26 entities evinced interest in entering the banking arena. Tata Sons, the holding company of Tata group, withdrew its application last month leaving 25 players in the fray. Public sector units India Post and IFCI, private sector Anil Ambani Group and Aditya Birla group submitted applications on 1 July.
The RBI issued guidelines for licensing of new banks on 22 February and issued clarifications in the first week of June. In the past 20 years, the RBI licensed only 12 banks in the private sector in two phases. Ten banks were licensed on the basis of guidelines issued in January 1993. The guidelines were revised in January 2001 based on the experience gained from the functioning of these banks and fresh applications were invited. Kotak Mahindra Bank and Yes Bank were the last two entities to get banking licences from RBI in 2003-04.
‘We are having meeting on 16 December in Delhi,’ former RBI governor Bimal Jalan, who is heading the panel said. The committee held its first meeting on 1 November.
The other members of the high-level advisory committee (HLAC) are former RBI deputy governor Usha Thorat, former Securities and Exchange Board of India chairman C B Bhave and Central Board of Directors of RBI director Nachiket M Mor. Initially, 26 entities evinced interest in entering the banking arena. Tata Sons, the holding company of Tata group, withdrew its application last month leaving 25 players in the fray. Public sector units India Post and IFCI, private sector Anil Ambani Group and Aditya Birla group submitted applications on 1 July.
The RBI issued guidelines for licensing of new banks on 22 February and issued clarifications in the first week of June. In the past 20 years, the RBI licensed only 12 banks in the private sector in two phases. Ten banks were licensed on the basis of guidelines issued in January 1993. The guidelines were revised in January 2001 based on the experience gained from the functioning of these banks and fresh applications were invited. Kotak Mahindra Bank and Yes Bank were the last two entities to get banking licences from RBI in 2003-04.
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