"The whole process for the universal bank licence was completed in three-four months. So, I would use that as the benchmark," Rajan told reporters at the post-policy meeting here today.
The RBI last Friday issued final guidelines on issuing licence for payment as well as small finance banks, aimed at improving savings habit and to boost financial inclusion.
The central bank has kept January 16 as the last day for submitting the applications for such permits, while the RBI may come up with another round at a later stage.
When asked about the number of licences the Reserve Bank is planning to issue for such banks, Rajan said he does not have any number in mind.
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Earlier this year, the RBI had given in-principle approval to set up a universal bank to IDFC and Bandhan. There were 26 applicants which included the Reliance Anil Dhirubhai Ambani Group, L&T and Bajaj, among others.
"We need to ensure that there are a variety of participants who are licensed so that we can learn from their experience," the Governor said.
A host of non-banking finance companies such as Sriram Capital and Muthoot Finance have showed interest in setting up small finance banks. Those who have expressed interest in seeking payment bank license included Itzcash and Oxigen.