The Reserve Bank of India (RBI) today granted "in-principle" approvals to IDFC Ltd and Bandhan Financial Services Pvt. Ltd to start new banks. The approval was granted under the guidelines on licensing of new banks in the private sector. These two applicants were also recommended as suitable for grant of 'in-principle' approval by the high-level advisory committee (HLAC) set up by the RBI. The approvals will be valid for 18 months. The two firms will have to comply with rules stipulated by the RBI .The RBI in a statement issued here said that the HLAC had also recommended that in the case of Department of Posts, which has applied for licence, it would be desirable to consider the application separately in consultation with the Government of India.