The Reserve Bank of India has appointed Ravi Narain, vice chairman, NSE, as a member of its External Advisory Committee (EAC) for small finance banks. He replaces MS Sahoo, former secretary of Institute of Company Secretaries of India, who recused himself from the panel after being appointed as a member of the Competition Commission of India. The EAC on small banks has four members – Usha Thorat, former RBI deputy governor, M.S. Sriram, professor at Indian Institute of Management, Bangalore, and M. Balachandran, chairman of the National Payments Corporation of India and now Ravi Narain. The committee for payment banks is headed by Nachiket M. Mor, director, Central Board of RBI. The applications for small finance banks and payments banks will initially be screened by the RBI and the EACs will evaluate the applications thereafter. There are 72 applications for small finance banks and 41 for payments banks.
