RBI releases final guidelines for new bank licences

The Reserve Bank of India (RBI) released final guidelines for issuing new bank licences

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on Friday, paving the way for corporate houses to enter the banking sector.

The RBI said it will allow applications for new bank licences until July 1, 2013, and in its statement did not exclude companies from any specific industry from applying for a new bank licence. In draft rules issued in 2011, the RBI had excluded companies in the property and brokerage industries from applying for new bank licences.

No new Indian bank has been formed since Yes Bank in 2004.

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