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Apr 06, 2013, 01.36 PM IST | Source: CNBC-TV18

RBI to give nod for new bank licences in Q1CY14: Sources

Reserve Bank of India (RBI) is expecting a strong response for the new phase of bank licensing and the in-principle approval for the new banks is likely early next year, reports CNBC-TV18's Siddharth Zarabi quoting sources.

Siddharth Zarabi

Economic Editor, CNBC-TV18

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Reserve Bank of India (RBI) is expecting a strong response for the new phase of bank licensing and the in-principle approval for the new banks is likely early next year, reports CNBC-TV18's Siddharth Zarabi quoting sources. 

The central bank is expecting about 30 applications for bank licenses. There has been a lot of speculation as to how many licenses the RBI will issue. From discussions between RBI and the Finance Ministry, if a reasonable number of applications come, then the RBI could give the in-principle proposal by the first quarter of CY2014.

Also read: RBI gives 17 licences for White ATMs, Tatas to open soon

The guidelines have proposed that this in-principle approval will be valid for a year. There is no estimate on the final number of licenses. There isn't any fixed timeline in this regard and the last date for the applications is July 1.

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