The Reserve Bank of India Governor announced that the new bank licenses would be issued during the first month of the next year. The RBI is very serious about the highest standard transparency and diligence and the new bank licenses would be issued accordingly. The new Governor of RBI, Mr. Raghuram Rajan is going to constitute an external committee, which would be headed by the former RBI Governor, Bimal Jalan. The committee would screen the 26 applications, for the new bank licenses. He hopes that the new bank licenses may be issued within or soon after the term of the Deputy Governor, Mr. Anand Sinha’s term. The external committee will screen and recommend the selected applicants, to the Deputy Governor and the Governor of the RBI.
The final decision will be taken by the Reserve Bank of India Central Board. Already, all the license aspirants are working with the former bank bureaucrats, for the purpose of gaining knowledge in facing all the challenges in the private banking sector.