Mumbai : The Reserve Bank of India will issue the final guidelines for “on tap” universal banking licences within the current fiscal, it said Tuesday.
“We are working towards issuing guidelines for full service banks ‘on tap’. I cannot give you a timeline, but it will be in this financial year,” RBI Deputy Governor R.Gandhi told reporters here on the sidelines of the banking conference co-organised by industry chamber FICCI and the Indian Banks’ Association (IBA).
The RBI earlier issued draft guidelines for payment and small banks inviting comments, and is in the process of finalising the final norms.
“Now the public comments (on small and payment banks) have been received and we are factoring in them. Soon we will come out with the final guidelines on these two,” Gandhi added.
In April, the RBI granted banking licences to infrastructure financing firm IDFC and microfinance institution Bandhan from among 25 applicants, and advised others to apply afresh after it came out with new guidelines on granting licences “on tap”.
The RBI said then it intends to revise the guidelines appropriately and move to give licences more regularly, virtually “on tap.”
It also said it would frame categories of differentiated bank licences and allow a wider pool of entrants into banking.
India’s central bank has licensed 12 banks in the private sector in the last two decades. Ten banks were licensed on the basis of guidelines issued in January 1993.