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Work on bank licence expected to finish by March: Jalan panel

RBI will take a decision to issue in-principle approval for setting up of banks by the eligible applicants

February 20, 2014 2:59 IST | India Infoline News Service
Minister of State for Finance Namo Narain Meena said that Bimal Jalan panel which is scrutinising applications for new bank licences is expected to complete its work by March 2014.
“The (Jalan) committee is expected to complete its work by the first quarter of the year 2014 and submit its report along with recommendations to RBI,” Meena said in a written reply to the Rajya Sabha on Tuesday.
Later on, RBI will take a decision to issue in-principle approval for setting up of banks by the eligible applicants, he added.
Bimal Jalan, former RBI governor, is heading the panel on new bank licences. Initially, 26 entities evinced interest in entering the banking arena. Tata Sons, the holding company of the Tata group, withdrew its application in November, leaving 25 players in the fray.
Among public sector units, India Post and IFCI have submitted applications.
Microfinance institutions such as Bandhan Financial Services and Janalakshmi Financial, too, have expressed their intention to set up banks.
RBI had issued guidelines for licensing of new banks in the private sector on February 22 and came out with clarifications in the first week of June.

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