Bimal Jalan | Simple Financial Mantras

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.

Rajan unveils big initial package, promises more (thehindu.com)
RBI working overtime to meet Rajan’s licence deadline (rediff.com)

Reserve Bank of India, today vide a Press Release has communicated slight changes in the names of applicants for new bank licenses in the Indian Private Sectors.

Value Industries Ltd, Aurangabad has chosen to withdraw it application.

K.C.Land & Finance Ltd, Chandigarh got into the list of 26 applicants. K.C.Land & Finance Ltd, Chandigarh had handed over the application on the last day i.e July 1, 2013

According to market reports, Shri Venugopal Dhoot, Chairman, Videocon Group, is likely to be nominated on the RBI board. This would have created a conflict of interest as a company owned by him i.e Value Industries was one of the applicants for bank licence. The conformed reports would be out in the coming couple of weeks.

The overall number of applicants stands at 26 only.