RBI to allow 4 new banks, begin process this month

.......New banks are expected to make the sector more competitive and promote financial inclusion through greater access to banking services. The RBI had last issued guidelines for new banks in 2001 and given licences to Kotak Mahindra Bank and Yes Bank in 2003. The RBI’s announcement now will imply that the central bank has accepted the government position that it is not necessary to wait for the enactment of the Banking Laws Amendment Bill before the final guidelines are issued. However, the new licences will be given only after Parliament passes the bill.........

Read - Indian Express