Financial inclusion plan main criteria for getting new bank licences: RBI

The Reserve Bank of India (RBI) has said in its new banking license guidelines that the important criteria for processing the application would be the business model of the applicants and it should provide for financial inclusion.As per these guidelines, new banks are required to establish at least 25% of their branches in places with less than 10,000 population.As per the new norms, private corporates and public sector entities must have 10 years experience to be eligible to apply for new licence. The initial paid-up capital for new banks has been set at Rs 500 crore.

Month: Current Affairs - March, 2013