April 2, 2014 8:29 AM
EC allows RBI to grant new bank licences
In a major move, EC has allowed the Reserve Bank of India, RBI, to issue licences for setting up new banks. In a letter to RBI Governor Raghuram Rajan, the Commission yesterday gave its nod to the central bank for granting in-principle approval for banking licences. The approval came after RBI misse...