NEW DELHI: India Post will have to apply afresh to the Reserve Bank under differential licence guidelines if it wishes to start banking operations. According to sources, aspirants, including the Department of Post, will have to apply once again after guidelines on differential bank licences are issued in the next few months.
India Post was one among the 25 unsuccessful contenders for new bank licences. The Reserve Bank of India (RBI) last month granted licences only to IDFC and Bandhan Financial Services Pvt Ltd.
The applicants also included state-run IFCI and private sector Anil Ambani group and Aditya Birla group, Bajaj Finance, Muthoot Finance, Religare Enterprises and Shriram Capital. Recently, RBI Governor Raghuram Rajan had said it is committed to freeing entry in banking.
"We just announced two new commercial bank licences after a rigorous vetting process. We are examining this experience, and after making appropriate changes, will announce a more regular process of giving licences - what has been termed licenses on tap," he had said At present, there are 27 public sector banks and 22 private sector lenders in the country.
