FICCI welcomes RBI guidelines

FICCI on Saturday issued a statement welcoming the guidelines for new banks in the private sector, saying it will pave the way for “both corporate entities and Non Banking Financial Companies (NBFC) to begin banking operations.”

The president of FICCI, Naina Lal Kidwai, said, “Regulations, such as the one introduced by the RBI, which allow more players and more capital in the sector, are a welcome development.” The guideline requiring new banks to set up at least 25 per cent of its branches in unbanked areas will provide greater access to the financially-excluded.