The issuing of the banking licenses to the new private sector is likely to suffer another delay as the Reserve Bank of India and Government will issue the guidelines for the issuing of banking licenses only after the Banking Law Amendments Bill 2011 gets approval from the Parliament.
Along with the guidelines for issuing licences to the private sector banks the Bill once passed will also give additional powers to the Central Bank. Once the Bill is approved then Reserve Bank of India can dismiss a bank’s board in order to protect the interests of the people who are having financial relationship with the bank.
The top Indian corporate houses are in a bid to get the banking licence.
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