RBI to issue seven new bank licences, says FM

The suspense over the number of new banking licences to be issued by Reserve Bank of India has ended. Finance Minister PChidambaram said in Bangalore on Saturday that the RBI will shortly issue seven licences.  The announcement comes a day after RBI Governor Raghuram Rajan announced the names of the three members who will assist former RBI Governor Bimal Jalan in the external committee to vet the applications shortlisted by the central bank. The Jalan panel will propose the final slate to the RBI central board . Addressing a function at State Bank of Mysore, Chidambaram said the new banks should not try to become clones of existing banks. “We don’t want seven more clones. We don’t want the seven of them to look like each other with just a masthead bearing different names. 

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