RBI announces committee to evaluate applications for banks

By: |
March 22, 2021 7:21 PM

The tenure of the five-member Standing External Advisory Committee, to be headed by former central bank deputy governor Shyamala Gopinath, will be three years.

RBI Governor Shaktikanta Das headed six-member MPC is scheduled to meet from April 5 to 7. The policy meet outcome will be announced on April 7.RBI Governor Shaktikanta Das headed six-member MPC is scheduled to meet from April 5 to 7. The policy meet outcome will be announced on April 7.

The RBI on Monday announced setting up a Standing External Advisory Committee (SEAC) for evaluating applications for universal banks and small finance banks under former central bank deputy governor Shyamala Gopinath.

The RBI had issued guidelines for ‘on tap’ licensing of universal banks in the private sector in August 2016 and guidelines for ‘on tap’ licensing of small finance banks in the private sector in December 2019.

The guidelines indicated that the applications for universal banks and small finance banks will be initially screened by the Reserve Bank to ensure prima facie eligibility of the applicants.

It was also stated that a Standing External Advisory Committee, comprising eminent persons with experience in banking, financial sector and other relevant areas, will evaluate the applications thereafter and that the constitution of the SEAC will be announced by Reserve Bank.

“The tenure of this SEAC will be for three years,” the central bank said while announcing the five-member panel.

Revathy Iyer, Director, Central Board, RBI; B Mahapatra, former Executive Director, RBI and presently Chairman, NPCI; T N Manoharan, former Chairman, Canara Bank; and Hemant G Contractor, former MD, SBI and former Chairman, PFRDA, are members of the committee.

The secretarial support to the committee would be provided by the Department of Regulation, Reserve Bank of India.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1HDFC Bank net up 18% on higher other income
2HDFC Bank Q4 net profit jumps 18% on-yr; board decides against declaring dividend in Mar 2021 amid COVID surge
3ESAF SFB mops up Rs 162 crore via pref allotment of shares