Business Standard

Election Commission allows RBI to issue licences for setting up new banks

Image

Capital Market
The Election Commission on 01 April allowed the Reserve Bank to issue licences for setting up new banks.

The Commission is of the view that the Reserve Bank of India (RBI) may take necessary action (for grant of in-principle approval for banking licences) as deemed appropriate, the lection commission wrote to RBI Governor Raghuram Rajan.

The RBI on March 12 approached the Election Commission (EC) seeking its approval for granting bank lincences as the model code of conduct had come in place after the general elections announcement on March 5.

The RBI Governor while unveiling bi-monthly monetary policy said that after consulting the Election Commission, the RBI will announce in-principle approval for new bank licenses.

 

Powered by Capital Market - Live News

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Apr 02 2014 | 9:56 AM IST

Explore News