Draft norms on banking licences soon

The finance ministry on Monday said the draft guidelines on new banking licence with provisions to allow entry of corporates would be finalised by month-end.

The finance ministry on Monday said the draft guidelines on new banking licence with provisions to allow entry of corporates would be finalised by month-end.

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The draft guidelines should be finalised by the end of this month, financial services secretary S K Sharma said.

“This was to be (released by) March 31, but we are taking some more time because there are some issues we are still considering,” he said.

In the 2010-11 Budget, it was announced that the Reserve Bank of India would consider giving traditional banking licenses to private sector players.