The Reserve Bank of India has published a
discussion paper detailing the basis on which it will issue new
banking licences.
The report, Discussion
Paper on Entry of New Banks in the Private Sector, was
released on 11 August and invites feedback from interested parties
by the end of September.
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India’s central bank said that it is minded to
grant “a limited number of licences” to new players.
“A larger number of banks would foster greater
competition, and thereby reduce costs, and improve the quality of
service.
“More importantly, it would promote financial
inclusion, and ultimately support inclusive economic growth, which
is a key focus of public policy,” said the report.
While the central bank will consider
applications from non-banking financial company’s, it will not
grant a licence to any such firm engaged in real estate
activities.
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