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Jalan panel submits report: new bank licenses

BimalThe Reserve Bank of India is likely to announce the first list of new bank licenses in March. The Bimal Jalan committee, which was scrutinizing applications for the new bank licences submited its report to the RBI. The report contains names of eligible firms for bank licences. The committee started the process of evaluations in November 2013. Other members of the committee are former RBI deputy governor Usha Thorat, former Securities and Exchange Board of India chairman C.B. Bhave and Nachiket M Mor, director on the Central Board of Directors of the RBI. RBI had in February 2013 issued issued guidelines for licensing of new banks and issued clarifications in June. Public sector units India Post and IFCI and private sector Anil Ambani group and Aditya Birla group are among the 25 entities which are aspiring for the licenses. NBFCs like Bajaj Finance, Muthoot Finance, Religare Enterprises and Shriram Capital have also applied.

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