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The Reserve Bank of India is now intensively scrutinising the applications made by 25-odd banking licence aspirants, former RBI Governor Bimal Jalan has said.
The scrutiny is being done keeping in perspective the various parameters mentioned in the guidelines framed by the RBI for award of new bank licences.
A committee headed by Bimal Jalan has been tasked with helping the central bank arrive at a decision on the entities that should be granted new banking licences.
The RBI is learnt to have given three months to the committee to firm up its recommendations, following the initial scrutiny of applications by the central bank.
“We are trying to frame a policy on bank... They are going to deal with public money. Therefore, we don't want to rush. We will take decision which is in our interest, public interest... Time per se to me is not that important,” Jalan said on the sidelines of the Delhi Economics Conclave.
The other members of the panel are Usha Thorat, former RBI Deputy Governor; C.B. Bhave, former SEBI chief and Nachiket M. Mor, Director, Central Board of the RBI.
Initially, 26 entities had applied for new bank licences. Last month, the Tata group withdrew its application, leaving 25 aspirants in the fray. Indications are that the new bank licences will be awarded before the end of fiscal 2013-14.
srivats.kr@thehindu.co.in
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