RBI to clarify on new Bank licensing norms on today

KOLKATA: Reserve Bank of India said it will answer the queries on new bank licensing guidelines on June 3, leaving nearly a month for the aspirants to submit applications.

The banking regulator had issued guidelines for licensing of new private banks on February 22, 2013. It has told the interest parties to submit applications by July 1. 
RBI had received several queries regarding the guidelines from the interested entities. It said it would post the clarifications on its website.
Private entities or groups, entities in public sector and non-banking financial companies are eligible to apply for banking licence.

Aditya Birla Group, Larsen & Toubro, Mahindra & Mahindra, government-owned India Post and Life Insurance Corporation of India are among the entities which are keen to apply for banking license.  
 

RBI said it had received a large number of queries from the aspirants seeking clarifications on the guidelines. ""The queries have since been examined and the clarifications would be posted on the RBI website on June 03, 2013,"" it said. 

Source : http://economictimes.indiatimes.com