The Budget presented on Friday pave the way for the RBI to allow more private sector players to enter the commercial banking space. Drawing confidence from the strong regulatory mechanism in the financial sector, it says that the apex bank is considering giving some more banking licenses to private sector players. Finance Minister Mr. Pranab Mukherjee while presenting the Budget in Parliament on Friday said that non-banking financial companies could also be considered, if they meet the RBI eligibility criteria. The Finance Minister noted that the domestic banking system has emerged unscathed from the global economic crisis. Welcoming the move, Reliance Capital chief executive Sam Ghosh has said this is a very positive step that will accelerate mobilisation of resources for transformational growth in infrastructure and other productive sectors of the economy. According to Aviva India managing director TR Ramachandran, the proposal to provide more banking licences will further help promote financial literacy and increase penetration for financial products. Currently there are 27 public sector and 23 private sector banks in the country.