New Banks in Private Sector

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..... New Banks in Private Sector - News and Press Release Dated:- 11-7-2014 - News - A High Level Advisory Committee (HLAC) was set up by Reserve Bank of India (RBI) on October 2013 under the Chairmanship of Dr. Bimal Jalan to screen the applications for grant of bank license under the RBI guidelines issued on February 22, 2013 for Licensing of New Banks in the Private Sector and to recommend license .....

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..... s to only those applicants who comply with the guidelines. Bimal Jalan Committee has submitted its report to RBI. RBI, vide its Press Release dated April 2, 2014 has granted in principle approval to two applicants viz IDFC Limited and Bandhan Financial Service Private Limited, to set up banks under the Guidelines for Licensing of New Banks in the Private Sector issued on February 22, 2013. Th .....

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..... ese two applicants were also recommended as suitable for grant of in principle approval by HLAC. HLAC had also recommended that in the case of Department of Posts which has applied for license, it would be desirable for the RBI to consider the application separately in consultation with the Government of India. The RBI has accepted the recommendation of HLAC. RBI released a Discussion Paper o .....

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..... n the mode of presence of foreign banks in India on January 21, 2011. The Scheme for setting up of Wholly Owned Subsidiaries by foreign banks in India was released on November 6, 2013 after taking into account the feedback received on the Discussion Paper from various stakeholders and factoring in the lessons from the crisis which favours a subsidiary mode of presence from financial stability pe .....

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..... rspective. This information was given by the Minister of State for Finance, Smt. Nirmala Sitharaman in written reply to a question in Lok Sabha today. - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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