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IT probe into banking license aspirants

The Reserve Bank of India has initiated a verification process of the firms that have applied for license to operate small finance banks and payment banks. RBI has asked the income tax department to examine these firms from a tax angle. According to RBI officials, governor Raghuram Rajan has written to the Central Board of Direct Taxes to carry out this process and provide inputs on these entities as also those heading these entities. Rajan has told CBDT to conduct these investigations across the country and submit its findings as soon as possible before RBI takes a final decision on granting the licenses. CBDT will be required to bring out any adverse record or observation about any financial dealings by these entities as well as individuals. RBI is expected to announce at least a first set of licenses by end-August. It had received 72 applications for small finance bank licences and 41 applications for payment bank licences.

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