Application process for small, payment banks to start by month-end: Rajan

The Reserve Bank of India will invite applications for small and payment banks by the end of the current month.

By: ENS Economic Bureau | Mumbai | Published: November 14, 2014 1:20:28 am

The Reserve Bank of India will invite applications for small and payment banks by the end of the current month.

The central bank is considering a category of banks called small finance banks with all-India licences. “The guidelines are currently with the government for comments. I am hopeful that by the end of the month we will call applications for both small finance and payment banks,” RBI Governor Raghuram Rajan said.

Rajan said one of the suggestions was that instead of having local area banks which are focussed on two or three districts, the RBI should look at the possibility of all-India small finance banks.

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