New Delhi, Mar 15: The government and the Reserve Bank of India
(RBI) are set to allow financial conglomerates and large industrial houses to
enter the banking industry.A bout half a dozen fresh banking licences are
expected to be given at one go to ensure that new entrants have a level playing
field, government sources said. The RBI recently submitted a set of proposals
on banking licences to the government. The final guidelines will be issued
after the finance ministry endorses the central bank’s draft. Sources said that the new private sector entrants would be asked to open around 30% of their total branches in rural areas, as the government tries to calibrate commercial viability with financial inclusion.
(RBI) are set to allow financial conglomerates and large industrial houses to
enter the banking industry.A bout half a dozen fresh banking licences are
expected to be given at one go to ensure that new entrants have a level playing
field, government sources said. The RBI recently submitted a set of proposals
on banking licences to the government. The final guidelines will be issued
after the finance ministry endorses the central bank’s draft. Sources said that the new private sector entrants would be asked to open around 30% of their total branches in rural areas, as the government tries to calibrate commercial viability with financial inclusion.
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