The Reserve Bank of India (RBI) has released the final list of the applications for small finance banks and payments banks – the two types of banks which are expected to offer banking services to the poor and marginalised who are outside the ambit of the regular banking system.
The central bank received a total of 72 applications for small finance banks and 41 applications for payments banks.
The list included big names like Future Group’s Kishore Biyani, Sun Pharmaceuticals’ founder Dilip Shanghvi, Muthoot Finance promoter MG George Muthoot, Tech Mahindra and Videocon Industries, among others, for payments banks; and names like ex-banker Ajay Singh Bimbhet and Cherian Verghese of Union Bank of India, former Infosys CFO V Balakrishnan, along with a number of finance companies, for small finance banks.
Now, the RBI has formed a four-member external committee headed by Nachiket Mor, director, central board of RBI, to vet applications for payments banks and another external committee headed by former deputy governor Usha Thorat to review applications for small finance banks.
(Edited by Joby Puthuparampil Johnson)