NEW DELHI: The government has formally asked the Reserve Bank of India (RBI) to start the process for issuing new private bank licences and promised to put in place the necessary legal structures sought by the central bank no later than the budget session of Parliament. Finance Minister P Chidambaram told reporters on Thursday that the government had written to the central bank to finalise the licence guidelines and start receiving applications. "We have written to RBI recently, urging them to proceed to finalise the guidelines and proceed to receive applications for new bank licences in anticipation of the Banking Regulation Act being amended," he said. "I have assured RBI that the Banking...
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