The Reserve Bank of India (RBI) today appointed NSE Vice-Chairman Ravi Narain member of its External Advisory Committee (EAC) for small finance banks.
He replaces M S Sahoo, former Secretary of Institute of Company Secretaries of India, who recused himself from the panel after being appointed as a member of the Competition Commission of India, RBI said.
In February, the RBI had named four members to the EAC on small banks.
The committee led by Usha Thorat, a former RBI Deputy Governor, includes M S Sriram, Professor at Indian Institute of Management (IIM) Bangalore, and M Balachandran, Chairman of the National Payments Corporation of India.
RBI had earlier announced a panel under Nachiket M Mor, Director of Central Board, for payments banks.
The applications for small finance banks and payments banks will initially be screened by the RBI and the EACs will evaluate the applications thereafter.
As many as 72 applications for small finance banks and 41 for payments banks have been received by the RBI.
RBI Deputy Governor R Gandhi had said the central bank was in the middle of processing the applications and may issue licences in a few months.
