New bank licences will be issued by January 2014

RBI Governer- Raghuram Rajan Established a committee to watch over the issues relating to new bank licences headed by Bimal Jalan. The other 3 members are Usha thorat(RBI deputy Governer); C.B.Bhave(Former SEBI Chairmen) ; Nachiket Mor(ICICI bank Official). Eligibility to open a new bank is 500cr. capital fund,10yr service in financial sector. NP