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RBI may issue some banking licences this fiscal: Finmin

Friday, October 29, 2010
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New Delhi:The government today said it expects the Reserve Bank to issue banking licences to some new players this fiscal, with the likes of Reliance Capital, Tata Group and AV Birla Group aspiring to enter the sector. "RBI will issue banking licences in due course of time. We hope some of the licences will be issued this financial year," Financial Services Secretary R Gopalan told reporters here. RBI had, in August, brought out a discussion paper on giving out new banking licences to business houses and non-banking finance companies to increase competition in the sector, and to formulate regulations for it. The apex bank had said it may allow limited entrants, but was apprehensive about the independence and neutrality of banks controlled by industrial houses.
Source: PTI
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