MUMBAI The Reserve Bank of India (RBI) will issue final guidelines on new bank licenses before the current fiscal year ends in March, local television news channels reported, quoting Deputy Governor Anand Sinha.
The guidelines would pave the way for corporate houses to enter the banking sector. No new Indian bank has been formed since Yes Bank(YESB.NS) in 2004.
The RBI has completed talks with the finance ministry on the new bank license guidelines, Sinha was quoted as saying by local TV.
(Reporting by Shamik Paul; Editing by Susan Fenton)