The Reserve Bank of India (RBI) is likely to extend the deadline on applications for new banking licences by a month or two, according to senior officials. Earlier, the central bank had said the deadline for these would be July 1.
Sources said several private companies had sought clarifications from RBI on the new licensing norms, released in February. RBI had received about 400 queries regarding the final guidelines, said a source. “Everyone wants to be absolutely sure about the rules and regulations before submitting their business plan. You would probably have only one opportunity to send your application; you want to be certain about everything,” said a prospective applicant.
It is expected RBI would respond to these queries in the next few weeks.
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