capital for setting up a bank will be Rs 500 crore. The cap on the foreign investment, including FDI/FII and NRI, has been set at 49 per cent.
RBI has set a deadline of July 1 for filing application by interested entities.
As per a report published by Deutsche Bank RBI guidelines for new bank licences allow everyone to apply, including public sector and real estate/broking entities. It has managed to keep conditions tight.