....The finance minister reasoned on Thursday that “the power or the authority” which the RBI wants is already available in the other provisions of the law and with the central bank’s own regulations and guidelines for new banking licences. “We are only formalising them by amending the Banking Regulation Act. And I have assured RBI that the Act will indeed be amended, hopefully in the Winter Session of Parliament, and if not in the Winter session, then in the Budget session.” The minister also said that even if the RBI proceeded to receive applications and process them, the first banking licence was not likely to be issued in the next 6-8 months. “So by the time the licence is issued and the banks come into existence, the Act would have been amended.” Subbarao proffered a correction, saying it will take at least 8-9 months to issue the first new bank licence if the Act is amended in the Winter Session which begins on November 22..........
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