a minimum track record of 10 years
RBI has……
on receipt of licence, promoter has to start operations within one year and list the company within three years of commencement of the business.
Also, new banks should open at least 25 % of branches in unbanked rural centres.
Applications to RBI...
Feedback about applicants......
Before granting licences, RBI would seek feedback about applicants from other regulators, enforcement, investigative agencies like I-T Department, CBI, ED, as deemed appropriate.
Some Information……
After grant of licence….
Following the grant of licence, the promoter group, which could be a public sector entity as well, will be required to set up a wholly-owned Non-Operative Financial Holding Company (NOFHC).
Purpose of NOFHC...
The NOFHC is aimed at protecting the banking operation from extraneous factors like other business of the Group i.e., commercial, industrial and financial activities not regulated by financial sector regulators.
laid down an elaborate 'fit and proper' criteria
not excluded any category like brokerages, real estate companies from entering into the banking space.
paved the way for corporate houses like Anil Dhirubhai Ambani Group, Larsen & Toubro, Tatas, Mahindra and Mahindra, Life Insurance Corporation and Aditya Birla Group to enter the banking business.
"Entities/groups should have a past record of sound credentials and integrity, be financially sound with a successful track record of 10 years,"
The minimum paid-up capital for setting up a bank has been pegged at Rs 500 crs.
The cap on the foreign investment, including FDI/FII and NRI, has been set at 49%.
Norms notified by RBI....
on receipt of licence, promoter has to start operations within one year and list the company within three years of commencement of the business.
Also, new banks should open at least 25 % of branches in unbanked rural centres.
Applications to RBI...
Those seeking to set up a bank would have to submit applications by July 1, 2013.
The RBI will display names of applicants on its Website.
Before granting licences, RBI would seek feedback about applicants from other regulators, enforcement, investigative agencies like I-T Department, CBI, ED, as deemed appropriate.
Some Information……
At present, there are 26 public sector banks and 22 private sector banks.
Only 35% of India's adult population has accounts with banks and other financial institutions as compared to a global average of 50%.
It is 41 per cent in case of developing economies.
Following the grant of licence, the promoter group, which could be a public sector entity as well, will be required to set up a wholly-owned Non-Operative Financial Holding Company (NOFHC).
Purpose of NOFHC...
The NOFHC is aimed at protecting the banking operation from extraneous factors like other business of the Group i.e., commercial, industrial and financial activities not regulated by financial sector regulators.
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