..........Given the impending change of guard at the RBI, it would not be desirable to constitute the Committee before early September 2013. In any case, the internal scrutiny will go on until October 2013. Furthermore, discussion with other regulators and agencies concerned would take some time. It would be desirable to have the external committee headed by a former Governor with members having experience in central banking, commercial banking, administration, legal and economics. The Committee should have the opportunity to examine each of the applications before them. It will take at least till March 2014 for the External Committee to tender its advice and the RBI top management to complete its assessment. Political economy compulsions would warrant that in the best interests of transparency of operations, final decisions are taken after due deliberation, say, in June-July 2014....................
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