Mumbai: Universal bank licences will now be available on-tap in India. Taking that process further, the regulator has now put universal bank licences on-tap. Individuals or a stand-alone promoting entity need not have an NOFHC to set up a bank, RBI said. Given the process is on tap, companies can apply at any given point in time and after a screening by the RBI, eligible applications would be referred to a standing external advisory committee (SEAC), the RBI said. However, no entity other than promoters can have a significant influence over the NOFHC, the RBI said.

Source: Mint August 01, 2016 12:11 UTC