The Reserve Bank of India (RBI) has announced setting up a Standing External Advisory Committee (SEAC) for evaluating applications for universal banks and small finance banks under former central bank deputy governor Shyamala Gopinath.  The RBI had issued guidelines for 'on tap' licensing of universal banks in the private sector in August 2016 and guidelines for 'on tap' licensing of small finance banks in the private sector in December 2019.

 The guidelines indicated that the applications for universal banks and small finance banks will be initially screened by the Reserve Bank to ensure prima facie eligibility of the applicants. It was also stated that a Standing External Advisory Committee, comprising eminent persons with experience in banking, financial sector and other relevant areas, will evaluate the applications thereafter and that the constitution of the SEAC will be announced by Reserve Bank.

 "The tenure of this SEAC will be for three years," the central bank said while announcing the five-member panel. Revathy Iyer, Director, Central Board, RBI; B Mahapatra, former Executive Director, RBI and presently Chairman, NPCI; T N Manoharan, former Chairman, Canara Bank; and Hemant G Contractor, former MD, SBI and former Chairman, PFRDA, are members of the committee. The secretarial support to the committee would be provided by the Department of Regulation, Reserve Bank of India.

Private Banks' participation in govt business will be based on RBI guidelines: FM

Sale mortgage of property by foreigner without RBI's nod illegal: Supreme Court

India needs to grow at 11 pc in next fiscal: Niti Aayog VC