, India
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India names new advisory committee members for bank applications

RBI former deputy governor Shri M. K. Jain will serve as chairperson.

The Reserve Bank of India has announced the names of the new members for the Standing External Advisory Committee (SEAC) that evaluates applications for universal banks and small finance banks.

Shri M. K. Jain, former deputy governor of the RBI, will serve as the chairperson of SEAC, according to an announcement on 20 January 2025.

Other members include Revathy Iyer, director, central board, RBI; Smt. Parvathy V. Sundaram, former executive director, RBI; Shri Hemant G. Contractor, former MD, State Bank of India (SBI) and former chairman, Pension Fund Regulatory Development Authority (PFRDA); and Shri N. S. Kannan, former MD and CEO, ICICI Prudential Life Insurance Co. Ltd.

They will have a tenure of three years.

Of the five announced members, Iyer and Contractor were previous members of the SEAC, announced last March 2021. RBI former deputy governor Smt. Shyamala Gopinath served as the previous chairman.

The SEAC will have a tenure of three years.

RBI’s Department of Regulation will provide secretarial support to the committee.

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