India: RBI proposes on-tap universal bank licences, bars conglomerates

Photo: Aniruddha Chowdhury/Mint

The Reserve Bank of India (RBI) on Thursday released draft guidelines for issuing on-tap universal bank licences but excluded large industrial houses from entering the sector. The proposed licensing policy is a change from the current stop-start policy where RBI opens the window for bank licences periodically but rarely.

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