Applications currently being screened.
The Reserve Bank of India will likely complete its initial study of the 26 applications for new bank licenses in about a month. A senior RBI official said the shortlisted names will then be forwarded to the High Level Advisory Committee chaired by former RBI Governor Dr. Bimal Jalan for further action. The eligibility of the applicants, including "fit and proper" criteria and other relevant parameters, are being scrutinized. RBI Governor Raghuram Rajan said the panel will have its own procedures for screening the applications. The Jalan committee will make recommendations to the Governor and deputy governors, who will propose the final state to the committee of the RBI central board.
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