RBI has received 26 applications for new bank licenses. After the deadline for receipt of entries closed today, RBI has declared names of all the public and private companies that have applied for licenses. RBI however has still not specified the timeline for issue of licenses and the total number of licenses that will be issued.RBI had issued the final guidelines for new bank licenses in February this year, allowing corporates and public sector entities with sound credentials and a minimum track record of 10 years to enter the banking business. RBI had said that the minimum paid-up capital for the new banks will be 500 crore while the cap on the foreign investment will be at 49 per cent. As per norms notified by RBI, entities getting licences to open new banks will be given 18 months to open branches.Also, new banks should open at least 25 per cent of branches in unbanked rural centers.