The Reserve Bank of India (RBI) on Monday set up an external advisory committee for evaluating applications for universal banks and small finance banks.
The committee set up by RBI has five members with Shyamala Gopinathan, former deputy governor, RBI as the chairperson. Other members include Revathy Iyer, director, central board, RBI, B Mahapatra, former executive director, National Payments Corporation of India (NPCI). TN Manoharan, former chairman, Canara Bank, and Hemant G. Contractor, former MD, State Bank of India, and former Chairman, Pension Fund Regulatory and Development Authority are also members of the committee.
The tenure of the committee will be for a period of three years. “The secretarial support to the committee would be provided by the Department of Regulation, RBI," the central bank said.
As per guidelines, applications for universal banks and small finance banks will be first evaluated by the RBI to ensure prima facie eligibility of the applicants, post which the committee set up by RBI will evaluate the applications.
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