RBI appoints members to advisory committee on Universal and Small Finance Banks

The Standing External Advisory Committee (SEAC) has been set up by the Reserve Bank of India (RBI) with the primary responsibility of assessing the eligibility and suitability of applicants seeking to operate these types of banks in India.

The banking regulator RBI has appointed members to the Standing External Advisory Committee (SEAC) that evaluates applications for Universal Banks as well as Small Finance Banks, a statement said on January 20.

Former RBI Deputy Governor MK Jain has been appointed as the Chairperson of the committee, aside of whom, the five-person committee now has the following members:

-Revathy Iyer, Director, Central Board, Reserve Bank of India
-Parvathy V Sundaram, former Executive Director, Reserve Bank of India
-Hemant G Contractor, former MD, State Bank of India and former Chairman, PFRDA
-NS Kannan, former MD & CEO, ICICI Prudential Life

The applications for Universal Banks and Small Finance Banks are initially screened by the regulator, to ensure 'prima facie eligibility'. Thereafter, the Standing External Advisory Committee assesses the applications. The tenure of the Advisory Committee will be for three years, and it comprises of 'eminent persons with experience in banking, financial sector and other relevant areas'.

The Standing External Advisory Committee (SEAC) has been set up by the Reserve Bank of India (RBI) with the primary responsibility of assessing the eligibility and suitability of applicants seeking to operate these types of banks in India.