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For the successful applicants, it is also worth remembering that an
amendment to the Banking Regulation Act empowers the RBI to inspect the
accounts and business of any associate enterprise of the applicant bank
and also to supersede the board for up to 12 months. For those that have
missed the boat, the wait for the next opportunity is uncertain as the
RBI has given no indication as to when it will reopen the next window
for applications. The RBI has now made its decisions. It is now up to
successful applicants to develop business plans and identify key bankers
as they have only 18 months to implement their plans after getting
their in-principle approval.
Read - ET
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