Bimal Jalan to head the 3 member panel to scrutinize new bank licenses for the Indian economy

The committee members were announced at the Press Meeting after the RBI Central Board meeting held at Raipur today.

The committee members under Bimal Jalan for bank licenses have been finalized. The three members are Usha Thorat (former RBI Deputy Governor), C B Bhave (former Sebi chairman) and Nachiket Mor (financial sector expert).

The panel will make its recommendations to the Governor and Deputy Governors, who will make the final proposals to the committee of the RBI central board.

Shri Anand Sinha, RBI Deputy Governor, looking after the portfolio of New Bank licenses retires in January 2014. Hence, RBI plans to do as much as possible before January 2014, on the issuances of new bank licenses.

There are 26 applicants from the public and private sector for bank licences, including Tata Sons, India’s biggest business group, and firms controlled by billionaires Anil Ambani and Kumar Mangalam Birla.

Among public sector units, India Post and IFCI have submitted applications. Micro finance institutions such as Bandhan Financial Services and Janalakshmi Financial, too, have expressed their intention to set up banks.

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