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Licenses to new banks in a few months

The Reserve Bank of India is likely to issue new licenses to small finance banks and payments banks in a few months’ time, says deputy governor R, Gandhi. Delivering a lecture at Sastra University in Tamil Nadu, he said the RBI is in the middle of processing over 100 applications for there banks hopes to issue licences to fit-and-proper applicants in a few months. “We hope these new entities will speed up our financial inclusion efforts in a big way,” he added. The RBI has received 72 applications for small finance banks and 41 for payments banks.

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