The Reserve Bank of India is expected to issue final guidelines for on-tap universal banking licences in the current fiscal. Deputy governor R Gandhi said the central bank is working on issuing these guidelines for full service banks on tap and it will be in this financial year. RBI had in July released the draft norms on permitting entities to set up payment and small banks. In April, it had given in-principle approval to IDFC and Bandhan Financial Services to set up banks. Gandhi also said RBI had come out with suggestions to the government on improving corporate governance in public sector banks on the basis of recommendations made by various committees, including the PJ Nayak Committee. These included separate positions of chairman and managing director in PSU banks, he said.
