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RBI Establishes New Standing External Advisory Committee for Banking Sector

RBI Establishes New Standing External Advisory Committee for Banking Sector
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RBI Establishes New Standing External Advisory Committee for Banking Sector

Key PointDetails
Why in NewsRBI formed a new Standing External Advisory Committee (SEAC) to evaluate applications for Universal and Small Finance Banks.
Date of EstablishmentJanuary 20, 2025
ChairpersonM. K. Jain (Former Deputy Governor, RBI)
Committee MembersRevathy Iyer, Parvathy V. Sundaram, Hemant G. Contractor, N. S. Kannan
Tenure3 years
PurposeTo evaluate applications for Universal Banks and Small Finance Banks (SFBs).
Applicants Under ReviewAnnapurna Finance, AU Small Finance Bank (Universal Bank licenses); Fino Payments Bank, VFS Capital (SFB licenses).
PrecedentA similar committee was formed in March 2021, chaired by Shyamala Gopinath.

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