New Delhi: The wait has increased for the multinationals who have been eyeing banking licenses as the government opines that corporate houses should be allowed to open new banks in the country only after the banking laws are amended. The Reserve Bank of India has been asked to monitor the parent or subsidiary companies of a bank. The Central Bank has expressed its concerns to this issue because a territory war might take place amongst the regulators when granted the licenses due to the ownership structures of large business groups. "There are certain amendments proposed," the official said. "We need to ensure that there is a proper monitoring mechanism in place." RBI will be issuing the final guidelines on new bank licenses in the near future. The report brought out by RBI has stated that in the cases where the apex entity of a financial conglomerate is an unregulated entity, there could be gaps in risk assessment and supervision, and associated contagion risk within the financial conglomerate concerned and the wider system. "We hope to introduce this Bill in the forthcoming budget session," he said. In its report, RBI had also argued that business houses have the entrepreneurial and managerial talent of running asset management companies, mutual funds and insurance companies. It also said that they have successfully penetrated into rural India, and that their talent could be harnessed in the banking sector. An amendment has been chosen out of the existing ones in the Banking Laws Bill that seeks to empower the inspection of other arms of banks by the Central Bank like mutual funds and insurance companies. But the demerit of this situation is that the oversight can raise the regulatory turf issues as mutual funds are regulated by the Securities and Exchange Board of India (SEBI), while insurance companies are monitored by the Insurance Regulatory Development Authority of India. But, in the government's view, the projected revision will not breach on the jurisdiction of other regulators. "We don't see any issues. If there are any, they can be resolved at the level of Financial Stability and Development Council," the finance ministry official said.