RBI to clarify on rules for new bank licences

The Reserve Bank of India (RBI) will publish clarifications related to the queries on the rules for licensing of new banks in the private sector, which it has been receiving.

The central bank proposes to come out with final clarifications on the rules for new bank licenses on its web site some time in April, said in a statement.

RBI said it has been receiving queries from intending applicants seeking clarifications on the guidelines on licensing of new banks in the private sector, issued on 22 February 2013.

''Considering that the clarifications sought would be of wider interest and use for all intending applicants, the Reserve Bank has decided to post the clarifications on its website,'' RBI said, adding, ''The identity of those who raise queries would be kept confidential.''

RBI has asked applicants to send queries latest by 10 April 2013.

In its February 22 announcement, RBI had proposed allowing all categories of companies to apply for a banking licence, paving the way for India's first new banks since the formation of Yes Bank in 2004.