The Reserve Bank of India on Monday extended the validity period of the in-principle approval it will give a promoter for setting up a bank from one year to 18 months.
In its clarifications to queries on the Guidelines for Licensing of New Banks in the Private Sector, the central bank said it has extended the validity period as applicants, who want to set up new banks, brought out several complex issues pertaining to re-organisation of the existing corporate structure, restructuring of businesses and meeting the regulatory requirements. The extension of the validity period of the in-principle approval will ensure smooth transition from the existing structures to that prescribed in the guidelines as also for meeting the regulatory requirements.
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