RBI Announces Committee to Evaluate Applications for Universal and Small Finance Banks

  • On 22nd March, 2021, the Reserve Bank of India announced the names of the members of the Standing External Advisory Committee (SEAC) for evaluating applications for Universal Banks as well as Small Finance Banks.
  • Shyamala Gopinath, former Deputy Governor, RBI, has been appointed as the chairperson of the SEAC.
  • The constitution of the committee is in line with regulator’s guidelines for ‘on-tap’ licensing.
  • The applications for universal banks and SFBs will be initially screened by the RBI to ensure prima facie eligibility of the applicants. Thereafter, the committee will evaluate the applications.

Background

  • An internal working group of the RBI, in 2020, proposed ....
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