Jalan panel to meet on 1 November on new bank licensing -------------------------------------------------------------------------------- The first meeting of the high-level advisory committee to screen applications for permits of new private banks will be held on 1 November, the Reserve Bank of India (RBI) said in its monetary policy review on Tuesday. The committee, headed by former RBI governor Bimal Jalan, “will devise its own procedures for screening the applications” before submitting its recommendations to RBI, the central bank said. The members of the high-level advisory committee (HLAC) include former RBI deputy governor Usha Thorat, former Securities and Exchange Board of India (Sebi) chairman CB Bhave and director of the central board of directors of RBI Nachiket Mor. Earlier this month, RBI Governor, Raghuram Rajan said that the central bank would endeavour to do “as much as possible” before RBI Deputy Governor Anand Sinha, who looks after new bank licences, retires in January. There are 26 applicants for new bank licences, including Tata Sons, India’s biggest business group, and firms controlled by billionaires Anil Ambani and Kumar Mangalam Birla. Among public sector units, India Post and IFCI have submitted applications.
Posted on: Wed, 30 Oct 2013 16:37:59 +0000