RBI Forms New Advisory Committee For Universal & Small Finance Bank Applications

(MENAFN- KNN India) New Delhi, Jan 21 (KNN) The Reserve bank of India has established a new Standing External Advisory Committee to evaluate applications for Universal Banks and Small Finance Banks, with former RBI Deputy Governor MK Jain appointed as the chairperson.

The committee, which will serve for a three-year term, includes five distinguished members from the banking and financial sectors.

The appointed members comprise Revathy Iyer, Director of RBI's Central Board; Parvathy V Sundaram, former RBI Executive Director; Hemant G Contractor, former Managing Director of State Bank of India and ex-Chairman of Pension Fund Regulatory and Development Authority; and NS Kannan, who previously served as Managing Director and CEO of ICICI Prudential Life Insurance Co Ltd.

According to the licensing guidelines, the RBI will conduct an initial screening of applications to determine prima facie eligibility before the SEAC, composed of eminent professionals with expertise in banking, financial sector, and related areas, undertakes its evaluation.

The Department of Regulation at the Reserve Bank of India will provide secretarial support to the committee.

This announcement follows the previous SEAC composition that was declared through a press release dated March 22, 2021, marking a continuation of the RBI's structured approach to banking license evaluation.

(KNN Bureau)

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