Jalan panel on new bank licences submits report

The high- level panel led by former Reserve Bank of India governor Bimal Jalan on Tuesday submitted its report, along with shortlisted candidates.

Taking forward the complex process of handing our new bank licences, the high- level panel led by former Reserve Bank of India governor Bimal Jalan on Tuesday submitted its report, along with shortlisted candidates.

“We have submitted our report to the Reserve Bank of India,” Jalan said after a nearly one-hour long meeting of the panel.
The RBI is expected to issue at least three to four bank licences, based on the recommendations of the Jalan panel whose report is understood to include names of potential candidates.

New bank permits could now be finalised by as early as March-end, according to senior government official.
“The final say will be with the RBI but it could be soon,” said the official.

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Reserve Bank of India governor Raghuram Rajan had earlier said that new bank licences would be issued by January-end this year.
The RBI had set up the Jalan panel in September 2013 to scrutinise applications for new bank permits and the committee held its first meeting on November 1.

The panel has three other members — former RBI deputy governor Usha Thorat, former Securities and Exchange Board of India chairman CB Bhave and director of the RBI’s Central Board of Directors Nachiket Mor.

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