Press Esc to close
Sunday 22 January 2017
News updated at 2:48 AM IST
Weather
Max: 28.9°C
Min : 15.3°C
In Bengaluru
Sunny day

No number in mind for new bank licences: RBI

Mumbai, July 15, 2013, (PTI)
Reuters File Image.
The Reserve Bank does not have any target in mind on the number of banking licences to be issued in this round, a senior official of the central bank said today.

"As of now we have received 26 applications. Financial inclusion has to be a pre-condition for such banks to come. How many banks will come that depends upon their complete plan and analysis of their proposals," RBI Executive Director R Gandhi said at an event here.

"We will have to wait for few months before we decide how many banks will be given licence. There is no target number," he added.

The number would depend on the proposal and business plans of applicants, he said. "It depends upon the proposal and business plans including their proposed efforts on financial inclusion. We cannot predict how many applicants will pass through these requirements," he added.

A total of 26 players have applied for banking licence, including the likes of India Post, LIC HFL, Reliance Capital, Aditya Birla Nuvo, and L&T Finance among others.

In the guidelines for licensing of new banks, the central bank has put in a string of requirements to further its financial inclusion agenda, including making it mandatory for proposed banks to open at least 25 per cent of branches in unbanked areas.

On the issue of financial inclusion, Gandhi said there are enormous challenges that lie ahead in achieving it.

"Post independence, we had a resolution to give attention to poverty alleviation. Our economic planning had poverty alleviation as a key plank...Still, these forty odd years, efforts have not made serious dent. This indicates the enormous challenges that lie ahead for us in achieving financial inclusion," he said.

He also said that several new ideas and innovative approaches were required to achieve this goal.

RBI Governor D Subbarao was originally supposed to address the gathering at a central Mumbai college today, but Gandhi had to step-in as a last minute arrangement as the Governor rushed to New Delhi. He was also not able to make it to another engagement at a college in the city.

Subbarao will be meeting Finance Minister P Chidambaram and they are likely to discuss challenges on the macroeconomic front.

 

Go to Top

Photo Gallery
Youngstres and Students during the protest to Lift ban on jallikattu and impose ban on PETA...

Youngstres and Students during the protest to Lift ban on jallikattu and impose ban on PETA...

Hot air balloons fly during the 39th International Hot Air Balloon Week in Switzerland...

Hot air balloons fly during the 39th International Hot Air Balloon Week in Switzerland...

An Iranian firefighter removes debris of the Plasco building which was engulfed by a fire...

An Iranian firefighter removes debris of the Plasco building which was engulfed by a fire...

Indian film director and classical dancer, Aishwarya Rajinikanth Dhanush at the Jaipur...

Indian film director and classical dancer, Aishwarya Rajinikanth Dhanush at the Jaipur...

The cast of Kung Fu Yoga, from left, Miya Muqi, Disha Patani, Jackie Chan, Amyra Dastur...

The cast of Kung Fu Yoga, from left, Miya Muqi, Disha Patani, Jackie Chan, Amyra Dastur...

Women take part in the #IWillGoOut rally, to show solidarity with the Women's March in Washington...

Women take part in the #IWillGoOut rally, to show solidarity with the Women's March in Washington...

Archaeological Survey of India workers conducting restoration work at Taj Mahal in Agra...

Archaeological Survey of India workers conducting restoration work at Taj Mahal in Agra...

Military Police Daredevils perform during a rehearsal for the Republic Day parade at Rajpath...

Military Police Daredevils perform during a rehearsal for the Republic Day parade at Rajpath...

An Olive-backed Sunbird feeds its two babies insects in their nest in Klang, Selangor, Malaysia...

An Olive-backed Sunbird feeds its two babies insects in their nest in Klang, Selangor, Malaysia...

Winner of Oriflame Face of North-East-2017 Michelle Kynta (M), 1st runner up Anjusha Saikia...

Winner of Oriflame Face of North-East-2017 Michelle Kynta (M), 1st runner up Anjusha Saikia...

Like us on Facebook

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523