Bank licence: RBI may miss deadline

The January deadline for awarding of licences for new banks might get stretched, it would appear. The date was set by Reserve Bank of India (RBI) GovernorRaghuram Rajan on his first day in office. In the first phase, a committee chaired by one of his predecessors, Bimal Jalan, is to vet the 26 applications. The panel is to have its first meeting this Friday. However, RBI is still collating information on all the applicants and the process is taking time. The central bank wants additional information of the promoters and their group companies, among other things. “It wanted to know the source of funds for the promoter group, income tax records, funding sources and track record of various group companies and balance sheets for more years,” said a person familiar with the development.

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