This is a latest development in Indian banking landscape after the Government of India announced the intention to license new commercial banks in private sector. Reserve bank of India, the banking regulator has set the process. This is a milestone development in Indian banking landscape. Final guidelines would be issued by Reserve Bank after necessary dialogue with government.
Indian banking scenario is changing rapidly. The first commercial bank viz Bank of Bengal was set up in Kolkata in 1806, mostly catering the financial needs of merchants. The first state sponsored bank was set up in1955 with State Bank of India taking over the erstwhile Imperial Bank of India. To control the commanding heights of economy , 14 major commercial banks were nationalised in June 1969. Subsequently , in 1980 six more banks were nationalised. With implementation of financial sector reforms, Reserve Bank of India, central bank and the banking regulator launched scheme for licensing new private sector banks, in 1992 and gave license to nine banks. Two more banks were given license in private sector in 2001. In 2010-11 Union Budget, Finance Minister , Government of India, announced to license to new generation private banks to prop up financial inclusion leading to inclusive growth. In the Union Budget 2014-15, the Hon'ble Finance Minister has announced differentiated bank license for setting up Payment Banks and Small Banks. On July 17, 2014, Reserve Bank of India released Draft Guidelines for Licensing of Payments Banks and Small Banks. With setting up of state-of -technology banks, banks in niche areas, the banking scenario in India is heading for a massive transformation.
Indian banking scenario is changing rapidly. The first commercial bank viz Bank of Bengal was set up in Kolkata in 1806, mostly catering the financial needs of merchants. The first state sponsored bank was set up in1955 with State Bank of India taking over the erstwhile Imperial Bank of India. To control the commanding heights of economy , 14 major commercial banks were nationalised in June 1969. Subsequently , in 1980 six more banks were nationalised. With implementation of financial sector reforms, Reserve Bank of India, central bank and the banking regulator launched scheme for licensing new private sector banks, in 1992 and gave license to nine banks. Two more banks were given license in private sector in 2001. In 2010-11 Union Budget, Finance Minister , Government of India, announced to license to new generation private banks to prop up financial inclusion leading to inclusive growth. In the Union Budget 2014-15, the Hon'ble Finance Minister has announced differentiated bank license for setting up Payment Banks and Small Banks. On July 17, 2014, Reserve Bank of India released Draft Guidelines for Licensing of Payments Banks and Small Banks. With setting up of state-of -technology banks, banks in niche areas, the banking scenario in India is heading for a massive transformation.
Licensing new banks in private sector is a bold step in the path of financial sector reforms. In fact the ball was set rolling after the Union Finance Minister in his Budget Speech 2010-11 made a significant announcement that: “RBI is to consider giving some additional banking licenses to private sector players.” The objective is clear and loud: to extend banking outreach, instill competitive efficiency, bring in new technology and achieve inclusive growth.
RBI issued the final “Guidelines for Licensing of New Banks in the Private Sector” in February 2013 after taking into account the important amendments to the Banking Regulation Act, 1949, feedbacks received from the public, and consultation with the Central Government.
An innovative corporate structure of the promoters of banks is prescribed. Entities / groups in the private sector and entities in the public sector shall be eligible to promote a bank through a Non–Operative Financial Holding Company (NOFHC). The corporate structure is designed to ring-fence the banks from spill-over risks from other entities of the group.
Financial inclusion has emerged as major policy plank of the Centre and RBI. The task is challenging with large population and the geographical spread of our country. The data released from the recent Census of India shows that only 54.4 per cent of rural households have access to banking services
RBI received 26 applications for bank license. On the recommendations of a High Powered Committee headed by Dr Bimal Jalan, former RBI Governor, RBI, issued "in principle" approval to two entities viz IDFC ( an NBFC) and Bandhan( NBFC-MFI) to set up banks. Presently they are functioning as NBFCs; they need to obtain license from RBI under Sec 22 of the Banking Regulation Act, 1949.
. The earlier experimentation of bank licensing infused the much needed competition and technology in the banking sector. Notably, the business models adopted by these banks support class banking, profit maximization and risk-taking. Expectedly, the new generation banks would bring an evolutionary change to meet the “needs of modern economy” and alongside “improve access to banking services” to the lower strata of the society.
Indian Banking Industry: Challenges and OpportunitiesWaqas Tariq
Abstract: The banking industry in India has a huge canvas of history, which covers the traditional banking practices from the time of Britishers to the reforms period, nationalization to privatization of banks and now increasing numbers of foreign banks in India. Therefore, Banking in India has been through a long journey. Banking industry in India has also achieved a new height with the changing times. The use of technology has brought a revolution in the working style of the banks. Nevertheless, the fundamental aspects of banking i.e. trust and the confidence of the people on the institution remain the same. The majority of the banks are still successful in keeping with the confidence of the shareholders as well as other stakeholders. However, with the changing dynamics of banking business brings new kind of risk exposure. In this paper an attempt has been made to identify the general sentiments, challenges and opportunities for the Indian Banking Industry. This article is divided in three parts. First part includes the introduction and general scenario of Indian banking industry. The second part discusses the various challenges and opportunities faced by Indian banking industry. Third part concludes that urgent emphasis is required on the Indian banking product and marketing strategies in order to get sustainable competitive edge over the intense competition from national and global banks. This article is a small seed to existing branch of knowledge in banking industry and is useful for bankers, strategist, policy makers and researchers. Key words: Rural Market, Risk Management, Global Banking, Employee and Customer Retention.
Chapter 1 Indian banking introduction newNayan Vaghela
Meaning & Definition of Bank, Portfolio Management, Role of Banking Sector in Economic Development, Constituents of Banking System in India, Functional Classification of Banks
Profitability of banks in India- A statistical analysisShivani Baghel
: In this research paper, we have made an attempt to identify the key determinants of profitability of all the banks in India. The analysis is based on pool regression and fixed effect regression model(in the cases of time and individual banks). We used panel data from the year 2008 to 2012. The study has brought out that the explanatory power of some variables is significantly high. Such variables include Net Spread, Non Interest Income and Cash And Reserve. However, some variables namely Profit per employee, Cash-Deposit Ratio, Operating Expense, Rate Of Equity, Offices, Non Performing Assets and Business per employee are found with low explanatory power. Hence the variables Net spread, non interest income (NII) and cash and reserve (CNR) have a significant relationship with Net Profit, where spread has the maximum influence and Cash - Deposit Ratio has the least effect on net profit. On introducing Time and Bank Dummies under the fixed effect model, we have found that only Cash And Reserve has an effect on bank profitability.
Licensing new banks in private sector is a bold step in the path of financial sector reforms. In fact the ball was set rolling after the Union Finance Minister in his Budget Speech 2010-11 made a significant announcement that: “RBI is to consider giving some additional banking licenses to private sector players.” The objective is clear and loud: to extend banking outreach, instill competitive efficiency, bring in new technology and achieve inclusive growth.
RBI issued the final “Guidelines for Licensing of New Banks in the Private Sector” in February 2013 after taking into account the important amendments to the Banking Regulation Act, 1949, feedbacks received from the public, and consultation with the Central Government.
An innovative corporate structure of the promoters of banks is prescribed. Entities / groups in the private sector and entities in the public sector shall be eligible to promote a bank through a Non–Operative Financial Holding Company (NOFHC). The corporate structure is designed to ring-fence the banks from spill-over risks from other entities of the group.
Financial inclusion has emerged as major policy plank of the Centre and RBI. The task is challenging with large population and the geographical spread of our country. The data released from the recent Census of India shows that only 54.4 per cent of rural households have access to banking services
RBI received 26 applications for bank license. On the recommendations of a High Powered Committee headed by Dr Bimal Jalan, former RBI Governor, RBI, issued "in principle" approval to two entities viz IDFC ( an NBFC) and Bandhan( NBFC-MFI) to set up banks. Presently they are functioning as NBFCs; they need to obtain license from RBI under Sec 22 of the Banking Regulation Act, 1949.
. The earlier experimentation of bank licensing infused the much needed competition and technology in the banking sector. Notably, the business models adopted by these banks support class banking, profit maximization and risk-taking. Expectedly, the new generation banks would bring an evolutionary change to meet the “needs of modern economy” and alongside “improve access to banking services” to the lower strata of the society.
Indian Banking Industry: Challenges and OpportunitiesWaqas Tariq
Abstract: The banking industry in India has a huge canvas of history, which covers the traditional banking practices from the time of Britishers to the reforms period, nationalization to privatization of banks and now increasing numbers of foreign banks in India. Therefore, Banking in India has been through a long journey. Banking industry in India has also achieved a new height with the changing times. The use of technology has brought a revolution in the working style of the banks. Nevertheless, the fundamental aspects of banking i.e. trust and the confidence of the people on the institution remain the same. The majority of the banks are still successful in keeping with the confidence of the shareholders as well as other stakeholders. However, with the changing dynamics of banking business brings new kind of risk exposure. In this paper an attempt has been made to identify the general sentiments, challenges and opportunities for the Indian Banking Industry. This article is divided in three parts. First part includes the introduction and general scenario of Indian banking industry. The second part discusses the various challenges and opportunities faced by Indian banking industry. Third part concludes that urgent emphasis is required on the Indian banking product and marketing strategies in order to get sustainable competitive edge over the intense competition from national and global banks. This article is a small seed to existing branch of knowledge in banking industry and is useful for bankers, strategist, policy makers and researchers. Key words: Rural Market, Risk Management, Global Banking, Employee and Customer Retention.
Chapter 1 Indian banking introduction newNayan Vaghela
Meaning & Definition of Bank, Portfolio Management, Role of Banking Sector in Economic Development, Constituents of Banking System in India, Functional Classification of Banks
Profitability of banks in India- A statistical analysisShivani Baghel
: In this research paper, we have made an attempt to identify the key determinants of profitability of all the banks in India. The analysis is based on pool regression and fixed effect regression model(in the cases of time and individual banks). We used panel data from the year 2008 to 2012. The study has brought out that the explanatory power of some variables is significantly high. Such variables include Net Spread, Non Interest Income and Cash And Reserve. However, some variables namely Profit per employee, Cash-Deposit Ratio, Operating Expense, Rate Of Equity, Offices, Non Performing Assets and Business per employee are found with low explanatory power. Hence the variables Net spread, non interest income (NII) and cash and reserve (CNR) have a significant relationship with Net Profit, where spread has the maximum influence and Cash - Deposit Ratio has the least effect on net profit. On introducing Time and Bank Dummies under the fixed effect model, we have found that only Cash And Reserve has an effect on bank profitability.
Large Bank Borrowers - Are they willful defaultersNeha Sharma
The RBI advisory for mandatory provisions of Non-Performing Assets and inclusion of most of the top borrowers in the list of 150 groups covering lakhs of crores of borrowings has brought to surface a very major issue.
Cover Story Corporate no longer interested in Bank Licence?
Outlook Rubber
Stats Q2 economic growth at 4.8% signals recovery
Emerging Country Vietnam
In Focus Retail inflation-linked bonds on the anvil
NON PERFORMING ASSETS – NEED FOR PRAGMATIC & PRACTICAL REGULATORY FRAMEWORK Neha Sharma
The Reserve Bank of India, Indian Banks Association, almost all Public Sector Banks and the Indian businesses are deeply concerned about significant rise in nonperforming assets during last one year. The Indian economy has been passing through unprecedented turbulent times. Many important sectors of the economy have been adversely affected.
Reserve Bank of India (RBI) is the debt manager for 29 State Governments and the Union Territory of Puducherry as also the banker to the State Governments except Government of Sikkim.
This is in terms of their agreement with RBI under Section 21 A of the Reserve Bank of India Act 1934.
RBI makes advances to State Governments to tide over mismatches in the cash flows of their receipts and payments. Such advances are termed as Ways and Means Advances (WMA).
WMA : Repayable in each case not later than
three months from the date of the making of the advance.
Governed by Section 17 (5) of the RBI Act.
The Reserve Bank has been extending such advances to State Governments since 1937.
Under this provision, the maximum amount of WMA by the Reserve Bank and the interest charged thereon are regulated by agreements with the State Governments
Based on he recommendations of various committees Groups constituted.
RBI, a unique central bank, has agreements with the sub-national Governments to act as banker.
The revised WMA quantum works out to `32,225 crore for all the States.
Once WMA limits are prescribed, States have the full freedom to access it and it becomes an autonomous component of liquidity over which the central bank has least control.
SAVINGS SAVE MONEY FOR LIFE CYCLE NEEDS
DO NOT LOOSE YOUR HARD EARNED MONEY, ALWAYS SAVE IN A BANK ACCOUNT SAVING ACCOUNT IN A BANK IS THE KEY TO ALL OTHER SERVICES
BANK IS NOW AVAILABLE AT YOUR DOOR STEP
Safety , liquidity and profitability should be the investment mantras.
Micro, Small and Medium Enterprises (MSMEs) play a major role in economic development, particularly in emerging countries.
MSMEs :
Contributes to the economic growth,
Enormous potential for growth
Potential for employment and income generation
for vast masses of the country.
Government pronouncements about “Make in India” are fundamentally based on these convictions.
There is heightened attention by the international community on MSME sector.
This is primarily because of the critical importance of job creation in the recovery cycle following the recent financial crisis, and the MSME’s potentials in that respect.
In Indian economy, MSME sector contribute :
45 % of the manufacturing output.
40 % of the exports.
There are 467.56 lakh enterprises in the MSME sector.
Provide the largest share of the employment after agriculture. Employment opportunities to 10.62 crore people across the country.
Bank depositors, investors in capital market need to financial planning, framing own budget, horizon of savings, borrowings, investment mantras, financial inclusion, financial products, risk management ,net banking, mobile banking, payment banks to abreast with the developments in financial institutions, products and regulation. Investment awareness should be a part of financial literacy. The depositors and investors should update their domain knowledge, consumer protection measures and tax treatment etc.
India’s Resilient External Debt
Summary:
The official documents published by GOI and RBI make incisive analysis of the composition, size, sustainability, trend and overall management of India’s external debt.
As per RBI, the country’s external debt stock which stood at US$ 405 billion as at June-end 2013 has increased to US$ 450.1 billion as at June-end 2014 registering an increase of 11.1 per cent.
According to IMF, debt service -to-export ratio is a key indicator as a measure of repaying capacity of a country. The lower the ratio, the less vulnerable is the economy to external shocks. The debt service ratio of India which peaked 35.3 per cent in 1990-91 in the wake of Balance of Payment crisis declined to 16.6 per cent in 2000-01 and further brought down to a more comfortable level of 5.9 per cent in 2013-14. The import cover of reserves, which stood at 9.5 months at end-March 2011 has declined to 7.0 months at the end-March 2013, still above comfort level. The CAD to GDP ratio deteriorated to 4.7 per cent in 2012-13, mainly on account of slowdown in major trading partners and rise in gold imports. It, however, improved to 1.7 per cent in 2013-14 due to measures taken by policy makers. The rising level of external debt does not necessarily translate into increasing debt burden, as it would also depend on the growth, growth potential of the economy and the export earnings.
I
ndia’s external debt is characterized by resilience and sustainability. The country’s external debt statistics are compiled and disseminated by Government of India (GOI) and Reserve Bank of India (RBI) on a quarterly basis. As per the standard practice, the external debt data for the quarter ending March and June are released by RBI; the data as at September-end and December-end are disseminated by the Ministry of Finance, GOI. Further, Ministry of Finance publishes every year “India’s External Debt-A Status Report” as at March-end. These official documents make incisive analysis of the composition, size, sustainability, trend and overall management of India’s external debt.
As per RBI, the country’s external debt stock which stood at US$ 405 billion as at June-end 2013 has increased to US$ 450.1 billion as at June-end 2014 registering an increase of 11.1 per cent.
The composition of India’s external debt is shown below:
[Amount: US$ billion]
Composition June 2013 June 2014
Multilateral 51.72 53.74
Bilateral 24.82 24.72
Trade Credit 17.53 16.04
Commercial Borrowing 135.81 153.85
NRI Deposits 71.12 106.25
Short-Term ( Trade Credit) 96.76 87.90
International Monetary Fund 5.98 6.15
Rupee Debt 1.25 1.50
(Source: Reserve Bank of India, Press Release, September 30, 2014)
According to RBI’s Annual Report 2013-14, the country’s foreign exchange reserve recorded US$ 316.14 billion vis-à-vis ext
In a society where a large chunk of people are financially excluded, financial literacy would play a game changing role in promoting financial inclusion. In March 2010, Hon’ble Finance Minister of India during RBI-OECD Workshop on Financial Literacy mentioned: “ Financial literacy, and education, plays a crucial role financial inclusion, inclusive growth and sustainable prosperity”.
Small depositors in all countries are exposed to higher risk. As the banks are well regulated, the risk to depositors is mitigated to a limited extent through deposit insurance. In India, 87 commercial banks, 82 Regional rural Banks, 4 Local Area Banks and 2026 Co-operative banks are covered by deposit insurance scheme of the Deposit Insurance and Credit Guarantee Corporation of India (DICGCI). Each depositor in a bank is insured up to a maximum of rupees one lakh for both principal and interest. In the aftermath of Global Financial Crisis, depositor protection has become far more central for achieving the goal of financial stability
More from Consultant in Banking and Finance. Freelance Writer (8)
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
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USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
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Resume
• Real GDP growth slowed down due to problems with access to electricity caused by the destruction of manoeuvrable electricity generation by Russian drones and missiles.
• Exports and imports continued growing due to better logistics through the Ukrainian sea corridor and road. Polish farmers and drivers stopped blocking borders at the end of April.
• In April, both the Tax and Customs Services over-executed the revenue plan. Moreover, the NBU transferred twice the planned profit to the budget.
• The European side approved the Ukraine Plan, which the government adopted to determine indicators for the Ukraine Facility. That approval will allow Ukraine to receive a EUR 1.9 bn loan from the EU in May. At the same time, the EU provided Ukraine with a EUR 1.5 bn loan in April, as the government fulfilled five indicators under the Ukraine Plan.
• The USA has finally approved an aid package for Ukraine, which includes USD 7.8 bn of budget support; however, the conditions and timing of the assistance are still unknown.
• As in March, annual consumer inflation amounted to 3.2% yoy in April.
• At the April monetary policy meeting, the NBU again reduced the key policy rate from 14.5% to 13.5% per annum.
• Over the past four weeks, the hryvnia exchange rate has stabilized in the UAH 39-40 per USD range.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
Which Crypto to Buy Today for Short-Term in May-June 2024.pdf
Banking Landscape in India- Licensing New Banks
1. Banking Landscape in India
LICENSING NEW BANKS
The Union Finance Minister in his Budget Speech, 2010-11, made a significant
announcement that RBI is to consider “ giving some additional banking licenses to
private sector players”. Taking it forward, RBI, in August 2010 released a “Discussion
Paper on the Entry of New Banks in the Private Sector”. The discussion paper mentions
that “vast segments of the population, especially the underprivileged sections of the
society, have still no access to the formal banking services”. According to it, more
number of banks would infuse competition, improve quality of service, enhance banking
outreach and ultimately foster inclusive growth.
Banking coverage
The position of banking coverage for the last three years is asunder:
March 2011 March 2012 March 2013
Number of Commercial banks
(Of which RRBs)
167
(82)
173
( 82)
157
(64)
Number of bank branches 74,130 81,240 88,562
Number of ATMs
+
74,505
95,686 1,14,014
Total banking outlets in villages 116,20
8
181,753 2,68,454
[Source: Report on Trend and Progress of banking in India, 2011-12, 2012-13, Reserve
Bank Of India]
The Report on Trend and Progress of banking in India, 2011-12, mentions that: “ the
growth in the financial and banking sector has to keep pace with growth in the real
sector .”
2. Licensing of banks: Past Experience
After the nationalisation of 14 banks in 1969, no new banks were set up. The
Committee on the Financial System (Narasimham Committee I, 1991) recommended for
setting up new banks in the private sector to start a new generation of banks to infuse
competition and bring technological upgradation. In 1993, RBI issued guidelines on
entry of new banks and the first wave of licenses was given to 10 banks in the private
sector. The experience with banks promoted by individuals has not been encouraging; out
of the four banks promoted in 1993, only one has survived. The second phase guidelines
were issued in January 2001. Two banks were given license; their transition path has
been smooth. RBI did not feel the need to issue further licenses as the banking sector was
in process of consolidation.
RBI Discussion Paper
The RBI discussion paper of August 2010, touched upon international practices, Indian
experience, extant ownership and governance guidelines. It raised the following critical
issues:
Entry level capital
Promoters contribution, caps on promoters share holding
Eligibility criteria:
o Whether corporates, industrial houses can be allowed to promote new
banks.
o Whether NBFCs can be converted into new banks or promote new banks.
Share holding by foreign investors including NRIs.
The discussion paper received large number of responses from general public, banks,
NBFCs, consultants, industrial houses, etc. RBI also held discussions with trade,
business bodies, Indian Banks Association for their views. Thereafter, RBI issued draft
guidelines in August 2011.
Paradigm shift
3. There is differing perceptions on industrial houses promoting or owning banks. The
2001 guidelines on entry of new banks explicitly prohibited industrial houses promoting
new banks, although industrial/ business houses are permitted to promote and own
NBFCs. Globally, while Australia, Brazil, Canada, European Union, France, Germany,
Hong Kong, United Kingdom, South Africa, Taiwan do not put restrictions on industrial
houses setting up banks, there are restrictions in Japan, South Korea and USA. In a path-
breaking recommendation, the High Level Committee on Fuller Capital Account
Convertibility, July 2006, had suggested that RBI should evolve policies to allow
selectively, industrial houses promoting new banks.
A recent IMF update ( 2012) on the “Financial system stability assessment of
India” states: “ International experience has supported the prudent policy of disallowing
industrial houses from promoting and owning banks.” Some economists fear corporate
conflict of interest. Nevertheless, Financial Times, September 26, 2012 reported that
Bankhaus Lampe a 160-year old private bank in Germany promoted by an industrial
house remained unscathed in the Global Financial Crisis. A spokesman of the bank
explained that: “Industrialists are more prepared to act counter-cyclically than people
generally are in the banking industry”. This view has less support.
The Committee on Financial Sector Reforms (Chairman: Raghuram G. Rajan)
constituted by Government of India in its report released in 2008 has recommended to
allow more entry to private deposit-taking small-finance banks for broadening access to
credit. The Committee calls for greater regulatory oversight.
The RBI draft guidelines set out the overarching regulatory principle, pre-
conditions for the new banks. Some of the more important requirements are:
i) Entities engaged in real estate business, stock broking should not be allowed to
promote banks as such activities can potentially transmit risk to the bank and banking
system.
On the other hand, existing NBFCs are eligible to promote/ convert to a new bank.
ii) Resident Promoter / promoter groups with diversified ownership , sound track record
of running business can be permitted to set up a new bank, only through a wholly-
owned Non-Operative Holding Company (NOHC). The objective is that the holding
4. company could ring fence the new bank from other activities of the group. This is an
innovative idea and IMF has appreciated it.
iii) The NOHC is required to be registered as an NBFC, and would be regulated by RBI.
It would hold a minimum of 40 per cent of the equity in the proposed bank, with a lock-
in period of five years.
iv) The initial minimum capital of a new bank shall be Rs. 500 crore.
v) The total foreign holding by way of FDI, FII and non-residents should be confined to
49 per cent for the initial five years.
Latest Developments
In toto, RBI received 27 applications by the dead line in July 2013, after which Tata Sons
and Videocon Group withdrew, leaving 25 applicants in the fray. In the first stage, the
applications were scrutinised by RBI to ensure eligibility of the applicants under the
Guidelines. The 25 applications were considered by a High Level Advisory Committee
set up in October, 2013 chaired by former RBI Governor, Dr. Bimal Jalan and
comprising three members (viz. Shri C.B. Bhave, former Chairman, SEBI; Smt. Usha
Thorat, former Deputy Governor, RBI; and Shri Nachiket Mor, Director, RBI Central
Board) to screen the applications, and to recommend name of applicants who comply
with the Guidelines. The HLAC submitted its recommendations to RBI on February 25,
2014 for its consideration.
According to RBI Press Release dated April 2, 2014, RBI examined the
quantitative and qualitative aspects of the applicants as per the criteria laid down in the
Guidelines. This included analysis of the financial statements of the key entities in the
group, 10 year track record of running their businesses, proposed business model for the
bank as well as the applicants’ demonstrated capabilities for running a bank, plan for
expanding inclusion, and culture of compliance and integrity demonstrated by the
applicant in its past activities. Based on all this, the RBI took a view of the “fit and
proper” status of the applicant.
RBI granted “in-principle” approval to infrastructure finance company, IDFC
Limited and Kolkata based microfinance firm Bandhan Financial Services Private
Limited, to set up banks. These two applicants were recommended as suitable for grant of
5. “in-principle” approval by the High Level Advisory Committee (HLAC) set up by the
RBI. The HLAC had also recommended that in the case of Department of Posts which
has applied for licence, it would be desirable for the RBI to consider the application
separately in consultation with the Government of India. The RBI has accepted the
recommendation of the HLAC.
The “in-principle” approval granted will be valid for a period of 18 months during
which the applicants have to comply with the requirements under the Guidelines and
fulfil the other conditions as may be stipulated by the RBI. On being satisfied that the
applicants have complied with the requisite conditions laid down by the RBI as part of
“in-principle” approval, they would be considered for grant of a licence for
commencement of banking business under Section 22(1) of the Banking Regulation Act,
1949. Until a regular licence is issued, the applicants would be barred from doing
banking business.
Way Forward
The important amendments to Banking Regulation Act, 1949 done in 2012 include :
to increase the cap on voting rights; to provide prior approval of RBI for acquisition of
5% or more of shares or voting rights in a banking company by any person; to empower
RBI to supersede the Board of Directors of banking company and appointing
administrators. RBI is expected to issue the final guidelines soon. This has paved the
way for setting up of new generation of banks “to meet the needs of the modern
economy”.
Revised on April 25, 2014
References:
1. The Economics Times, Infra Fund IDFC, Microfin Co Bandhan Get License to Bank,
April, 2014, Bhubaneswar Edition.
6. 2. Reserve Bank of India, Report on Trend and Progress in Banking , 2012-13, RBI,
Mumbai.
7. 2. Reserve Bank of India, Report on Trend and Progress in Banking , 2012-13, RBI,
Mumbai.