Jaitley said he would prefer to lower fiscal deficit by boosting revenues rather than cutting down on expenditure.
Earlier this week, the RBI said it had received 26 applications for new bank licenses.
After 2G spectrum, new bank licenses too may go the auction way. That is if the RBI decides to accept the recommendation of the standing committee on finance, reports CNBC-TV18’s economic policy editor Siddharth Zarabi.
Around ten banks, including lenders from resource hungry China and India, are seeking bank licenses in Australia to tap into rising cross border M&A and infrastructure financing, as local banks struggle with new capital and liquidity rules.