RBI announces committee to evaluate applications for Universal and Small Finance Banks

Updated : March 22, 2021 07:57:02 IST

RBI's Department of Regulation will provide secretarial support to the Standing External Advisory Committee (SEAC)

Reserve Bank of India (RBI) announced on March 22 a Standing External Advisory Committee (SEAC) to evaluate applications for Universal Banks and Small Finance Banks. RBI's Department of Regulation is expected to provide secretarial support to this committee.

The apex bank said that SEAC will be in place for a three-year tenure. The Committee will be chaired by former RBI Deputy Governor Shyamala Gopinath. It's members include Director of Central Board RB Revathy Iyer, former executive director RBI and Chairman of NPCI B Mahapatra, former chairman of Canara Bank TN Manoharan and ex-SBI MD and former chairman of PFRDA Hemant Contractor.

While releasing guidelines for 'on tap' Licensing of Universal Banks in August 2016 and Guidelines for 'on tap' Licensing of Small Finance Banks in December 2019, RBI had indicated that the applications for Universal Banks and Small Finance Banks will be initially screened by the itself to ensure prima facie eligibility of the applicants.

It also stated that the SEAC comprising eminent persons with experience in banking, financial sector and other relevant areas will evaluate the applications thereafter and that the constitution of the SEAC will be announced by the apex bank.

Published : March 22, 2021 07:57 PM IST

RBI announces committee to evaluate applications for Universal and Small Finance Banks

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