The Reserve Bank of India stated that the financial inclusion plan will be key criteria for getting new banking licences in the private sector.
New banking licence guidelines by RBI came out last month where RBI said that the important criterion for processing the application would be the bank's business model for financial inclusion.
RBI Governor, Mr. D Subbarao said, "We have also said that new banks are required to establish at least 25 per cent, a quarter, of their branches in places with less than 10,000 population..."
Mr. Subbarao further added, "I do hope that the new bank applicants indeed everybody interested in financial inclusion will come up with innovative and imaginative ideas".
As per the new banking licence guidelines, the interested entities would have to send in their applications by July 1, 2013.
As per the guidelines, the initial paid-up capital for new bank has been set at Rs 500 crore. Private Corporates and public sector entities with 10 years of experience would be eligible for the new licence.