....The government, however, is determined to set the ball rolling in this season of reforms. RBI had said it was awaiting amendments in the Banking Regulation Act before issuing the final guidelines. RBI wants more power, such as dissolving a bank’s board, before it allows new entrants. However, “the ministry said the Act will be amended but it should not hold RBI from forming the guidelines”, said another source. Also, there were opinions that at least non-banking finance companies (NBFCs) be allowed to set up banks till the Act was amended. Interestingly, RBI has asked the government to extend the tenure of one of its Deputy Governors, Anand Sinha, by a year. Sinha will complete his two-year term in February 2013 and heads the department of banking operations and development that will issue the final guidelines on new banking licences.............
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