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The birth centenary celebrations of Rani Gaidinliu were held by the central govt recently. She was a legendary freedom fighter from
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salim park?
RBI grants "in-principle" approval to 11 Applicants for Payments Banks
The Reserve Bank of India has today decided to grant "in-principle" approval to the following 11 applicants to set up payments banks under the Guidelines for Licensing of Payments Banks issued on November 27, 2014 (Guidelines).
- Aditya Birla Nuvo Limited
- Airtel M Commerce Services Limited
- Cholamandalam Distribution Services Limited
- Department of Posts
- Fino PayTech Limited
- National Securities Depository Limited
- Reliance Industries Limited
- Shri Dilip Shantilal Shanghvi
- Shri Vijay Shekhar Sharma
- Tech Mahindra Limited
- Vodafone m-pesa Limited
Selection process
The process for selecting the applicants has been as follows:
First, a detailed scrutiny was undertaken by an External Advisory Committee (EAC) under the Chairmanship of Dr. Nachiket Mor, Director, Central Board of the Reserve Bank of India. The recommendations of the EAC were an input to an Internal Screening Committee (ISC), consisting of the Governor and the four Deputy Governors. This Internal Screening Committee prepared a final list of recommendations for the Committee of the Central Board (CCB), after independently scrutinising all the applications. At its meeting on August 19, 2015, the CCB went through the applications, informed by the recommendations of the EAC and the ISC, and approved the announced list of applicants.
In arriving at the final list, the CCB noted that it would be difficult at this stage to forecast the most successful likely model in the emerging business of payments. The CCB further noted that payments banks cannot undertake lending, and therefore believed that the payments bank would not be subject to the same risks as a full service bank. Therefore, the CCB evaluated applicants to assess whether there would be unacceptable risk even to the narrower functions of a payments bank. It has selected entities with experience in different sectors and with different capabilities so that different models could be tried. It did ensure that all the selected applicants have the reach and the technological and financial strength to service hitherto excluded customers across the country. Nevertheless, the in-principle approvals are subject to the condition {(15 (v)} in the guidelines, including any developments in on-going cases.
Going forward, the Reserve Bank intends to use the learning from this licensing round to appropriately revise the Guidelines and move to giving licences more regularly, that is, virtually "on tap". The Reserve Bank believes that some of the entities who did not qualify in this round, could well be successful in future rounds.
Background
It may be recalled that on August 27, 2013, the Reserve Bank placed on its website, a policy discussion paper on Banking Structure in India - The Way Forward. One of the observations in the discussion paper was that there is a need for niche banking in India, and differentiated licensing could be a desirable step in this direction, particularly for infrastructure financing, wholesale banking and retail banking.
Subsequently, the Committee on Comprehensive Financial Services for Small Businesses and Low Income Households (Chairman: Dr. Nachiket Mor) in its report released in January 2014 examined the issues relevant to an ubiquitous payment network and universal access to savings and recommended the licensing of payment banks to offer financial services to the hitherto excluded segments of the population.
In the Union Budget 2014-2015 presented on July 10, 2014, the Hon'ble Finance Minister announced that:
"After making suitable changes to current framework, a structure will be put in place for continuous authorization of universal banks in the private sector in the current financial year. RBI will create a framework for licensing small banks and other differentiated banks. Differentiated banks serving niche interests, local area banks, payment banks etc. are contemplated to meet credit and remittance needs of small businesses, unorganized sector, low income households, farmers and migrant work force".
Draft guidelines for licensing of payments banks were released for public comments on July 17, 2014. Based on the comments and suggestions received on the draft guidelines, final guidelines for licensing of payments banks were issued on November 27, 2014. The Reserve Bank also issued clarifications to the queries (numbering 144) on the guidelines on January 1, 2015. The Reserve Bank received 41 applications for payments banks.
RBI grants "in-principle" approval to 11 Applicants for Payments Banks
The Reserve Bank of India has today decided to grant "in-principle" approval to the following 11 applicants to set up payments banks under the Guidelines for Licensing of Payments Banks issued on November 27, 2014 (Guidelines).
- Aditya Birla Nuvo Limited
- Airtel M Commerce Services Limited
- Cholamandalam Distribution Services Limited
- Department of Posts
- Fino PayTech Limited
- National Securities Depository Limited
- Reliance Industries Limited
- Shri Dilip Shantilal Shanghvi
- Shri Vijay Shekhar Sharma
- Tech Mahindra Limited
- Vodafone m-pesa Limited
Selection process
The process for selecting the applicants has been as follows:
First, a detailed scrutiny was undertaken by an External Advisory Committee (EAC) under the Chairmanship of Dr. Nachiket Mor, Director, Central Board of the Reserve Bank of India. The recommendations of the EAC were an input to an Internal Screening Committee (ISC), consisting of the Governor and the four Deputy Governors. This Internal Screening Committee prepared a final list of recommendations for the Committee of the Central Board (CCB), after independently scrutinising all the applications. At its meeting on August 19, 2015, the CCB went through the applications, informed by the recommendations of the EAC and the ISC, and approved the announced list of applicants.
In arriving at the final list, the CCB noted that it would be difficult at this stage to forecast the most successful likely model in the emerging business of payments. The CCB further noted that payments banks cannot undertake lending, and therefore believed that the payments bank would not be subject to the same risks as a full service bank. Therefore, the CCB evaluated applicants to assess whether there would be unacceptable risk even to the narrower functions of a payments bank. It has selected entities with experience in different sectors and with different capabilities so that different models could be tried. It did ensure that all the selected applicants have the reach and the technological and financial strength to service hitherto excluded customers across the country. Nevertheless, the in-principle approvals are subject to the condition {(15 (v)} in the guidelines, including any developments in on-going cases.
Going forward, the Reserve Bank intends to use the learning from this licensing round to appropriately revise the Guidelines and move to giving licences more regularly, that is, virtually "on tap". The Reserve Bank believes that some of the entities who did not qualify in this round, could well be successful in future rounds.
Background
It may be recalled that on August 27, 2013, the Reserve Bank placed on its website, a policy discussion paper on Banking Structure in India - The Way Forward. One of the observations in the discussion paper was that there is a need for niche banking in India, and differentiated licensing could be a desirable step in this direction, particularly for infrastructure financing, wholesale banking and retail banking.
Subsequently, the Committee on Comprehensive Financial Services for Small Businesses and Low Income Households (Chairman: Dr. Nachiket Mor) in its report released in January 2014 examined the issues relevant to an ubiquitous payment network and universal access to savings and recommended the licensing of payment banks to offer financial services to the hitherto excluded segments of the population.
In the Union Budget 2014-2015 presented on July 10, 2014, the Hon'ble Finance Minister announced that:
"After making suitable changes to current framework, a structure will be put in place for continuous authorization of universal banks in the private sector in the current financial year. RBI will create a framework for licensing small banks and other differentiated banks. Differentiated banks serving niche interests, local area banks, payment banks etc. are contemplated to meet credit and remittance needs of small businesses, unorganized sector, low income households, farmers and migrant work force".
Draft guidelines for licensing of payments banks were released for public comments on July 17, 2014. Based on the comments and suggestions received on the draft guidelines, final guidelines for licensing of payments banks were issued on November 27, 2014. The Reserve Bank also issued clarifications to the queries (numbering 144) on the guidelines on January 1, 2015. The Reserve Bank received 41 applications for payments banks.Details of "in-principle" approvalThe "in-principle" approval granted will be valid for a period of 18 months, during which time the applicants have to comply with the requirements under the Guidelines and fulfil the other conditions as may be stipulated by the Reserve Bank.On being satisfied that the applicants have complied with the requisite conditions laid down by it as part of "in-principle" approval, the Reserve Bank would consider granting to them a licence for commencement of banking business under Section 22(1) of the Banking Regulation Act, 1949. Until a regular licence is issued, the applicants cannot undertake any banking business.Additional DetailsThe guidelines provided that after initial screening for prima facie eligibility, the applications would be referred to an External Advisory Committee (EAC) constituted for the purpose. Accordingly, to screen the applications, and to recommend licences only to those applicants who comply with the Guidelines, the Reserve Bank, on February 4, 2015, set up an EAC chaired by Dr. Nachiket Mor, Director, Central Board of Reserve Bank of India. EAC had three members: Ms. Roopa Kudva, former MD & CEO, CRISIL Limited, Ms. Shubhalakshmi Panse, former Chairman & Managing Director, Allahabad Bank and Dr. Deepak Phatak, Chair Professor, IIT Bombay. Later, as Ms Roopa Kudva, recused herself from the Committee the Reserve Bank, in May 2015, appointed Shri Naresh Takkar, Managing Director & Group CEO, ICRA Limited to the Committee.As stipulated in the Guidelines, the EAC set up its own procedures for screening the applications including calling for more information, wherever required. The applications were screened for financial soundness, i.e., five year track record of the promoter and the key entities of the promoter group. The assessment also included governance issues with a focus on 'fit and proper' criteria for promoters based on due diligence reports and/or any other information indicating deliberate and repeated violations of law/regulations; significant Incremental contribution in terms of existing and demonstrated physical rural reach, business model innovation, technological and operational capability indicating a model that can handle the required volumes of transactions and money with a high degree of demonstrated fidelity and safety; and proposed business plan in terms of product mix, innovative technological solutions, geographic access and viable financial plan. In order to facilitate assessment of outreach and capability for handling low value high volume transactions, additional data was called for from applicants and was considered by EAC for arriving at the decisions. The EAC submitted its report on July 06, 2015.Alpana KillawalaPrincipal Chief General ManagerPress Release : 2015-2016/437
Details of "in-principle" approval
The "in-principle" approval granted will be valid for a period of 18 months, during which time the applicants have to comply with the requirements under the Guidelines and fulfil the other conditions as may be stipulated by the Reserve Bank.
On being satisfied that the applicants have complied with the requisite conditions laid down by it as part of "in-principle" approval, the Reserve Bank would consider granting to them a licence for commencement of banking business under Section 22(1) of the Banking Regulation Act, 1949. Until a regular licence is issued, the applicants cannot undertake any banking business.
Additional Details
The guidelines provided that after initial screening for prima facie eligibility, the applications would be referred to an External Advisory Committee (EAC) constituted for the purpose. Accordingly, to screen the applications, and to recommend licences only to those applicants who comply with the Guidelines, the Reserve Bank, on February 4, 2015, set up an EAC chaired by Dr. Nachiket Mor, Director, Central Board of Reserve Bank of India. EAC had three members: Ms. Roopa Kudva, former MD & CEO, CRISIL Limited, Ms. Shubhalakshmi Panse, former Chairman & Managing Director, Allahabad Bank and Dr. Deepak Phatak, Chair Professor, IIT Bombay. Later, as Ms Roopa Kudva, recused herself from the Committee the Reserve Bank, in May 2015, appointed Shri Naresh Takkar, Managing Director & Group CEO, ICRA Limited to the Committee.
As stipulated in the Guidelines, the EAC set up its own procedures for screening the applications including calling for more information, wherever required. The applications were screened for financial soundness, i.e., five year track record of the promoter and the key entities of the promoter group. The assessment also included governance issues with a focus on 'fit and proper' criteria for promoters based on due diligence reports and/or any other information indicating deliberate and repeated violations of law/regulations; significant Incremental contribution in terms of existing and demonstrated physical rural reach, business model innovation, technological and operational capability indicating a model that can handle the required volumes of transactions and money with a high degree of demonstrated fidelity and safety; and proposed business plan in terms of product mix, innovative technological solutions, geographic access and viable financial plan. In order to facilitate assessment of outreach and capability for handling low value high volume transactions, additional data was called for from applicants and was considered by EAC for arriving at the decisions. The EAC submitted its report on July 06, 2015.
Alpana Killawala
Principal Chief General Manager
Press Release : 2015-2016/437
#RECAP World Rhino Day??
RBI grants "In-principle" Approval to 10 Applicants for Small Finance Banks
The Reserve Bank of India (RBI) has today decided to grant "in-principle" approval to the following 10 applicants to set up small finance banks under the "Guidelines for Licensing of Small Finance Banks in the private sector" (Guidelines) issued on November 27, 2014.
Names of selected applicants
- Au Financiers (India) Ltd., Jaipur
- Capital Local Area Bank Ltd., Jalandhar
- Disha Microfin Private Ltd., Ahmedabad
- Equitas Holdings P Limited, Chennai
- ESAF Microfinance and Investments Private Ltd., Chennai
- Janalakshmi Financial Services Private Limited, Bengaluru
- RGVN (North East) Microfinance Limited, Guwahati
- Suryoday Micro Finance Private Ltd., Navi Mumbai
- Ujjivan Financial Services Private Ltd., Bengaluru
- Utkarsh Micro Finance Private Ltd., Varanasi
The "in-principle" approval granted will be valid for 18 months to enable the applicants to comply with the requirements under the Guidelines and fulfil other conditions as may be stipulated by the RBI. On being satisfied that the applicants have complied with the requisite conditions laid down by it as part of "in-principle" approval, the RBI would consider granting them a licence for commencement of banking business under Section 22(1) of the Banking Regulation Act, 1949.
Until a regular licence is issued, the applicants cannot undertake any banking business.
Selection process
The RBI has selected these applicants after three different committees contributing to the final decision, backed by detailed case study for each applicant. The selection process involved the following steps:
A preliminary scrutiny of all the applications involving prima facie eligibility including the ability to raise the minimum initial capital and the status of ownership and control by residents as per the Guidelines was carried out by the RBI team. The findings of the preliminary scrutiny were presented to an External Advisory Committee (EAC) constituted under the Chairmanship of Smt. Usha Thorat, former Deputy Governor of the RBI. The EAC recommended applications to be taken up for detailed examination based on prima facie eligibility vis-à-vis the Guidelines.
The detailed scrutiny involved assessment of financial soundness, proposed business plan, fit and proper status based on due diligence reports received from the regulators, investigative agencies, banks, etc. An important factor was proposed reach into unbanked areas and underserved sections of the population. The EAC held detailed discussions in multiple sittings on the applications based on the information presented to it. The EAC then submitted its recommendations to the RBI.
An Internal Screening Committee (ISC), consisting of the Governor and the four Deputy Governors of the RBI thereafter examined the applications. The ISC also deliberated on the rationale of the recommendations made by the EAC. After scrutinising all the applications, the ISC made its independent recommendations to the Committee of the Central Board (CCB) of the RBI. In the meeting of the CCB held on September 16, 2015, the external members of the CCB went through the notes, recommendations of EAC and ISC and decided the list of applicants for granting in-principle approval. The Chairman of the EAC was also invited to explain the rationale for the Committee's recommendations.
Going forward, the Reserve Bank intends to use the learning from this licensing round to appropriately revise the Guidelines and move to giving licences more regularly, that is, virtually "on tap".
Background
It may be recalled that the Committee on Financial Sector Reforms (Chairman: Dr. Raghuram G. Rajan), 2009 had examined the relevance of small banks in the Indian context. The Committee had opined that there was sufficient change in the environment to warrant experimentation with licensing of small banks. It recommended allowing more entry to private well-governed deposit-taking small finance banks (SFBs) offsetting their higher risk from being geographically focussed by requiring higher capital, a strict prohibition on related party transactions, and lower allowable concentration norms. This was reiterated in the policy discussion paper on Banking Structure in India - The Way Forward that was placed by the Reserve Bank of India on its website on August 27, 2013.
In the Union Budget 2014-2015 presented on July 10, 2014, the Hon'ble Finance Minister announced that:
"After making suitable changes to current framework, a structure will be put in place for continuous authorisation of universal banks in the private sector in the current financial year. RBI will create a framework for licensing small banks and other differentiated banks. Differentiated banks serving niche interests, local area banks, payment banks etc. are contemplated to meet credit and remittance needs of small businesses, unorganised sector, low income households, farmers and migrant work force".
Draft guidelines for licensing of small finance banks were released for public comments on July 17, 2014. Based on the comments and suggestions received on the draft guidelines, final guidelines for licensing of small finance banks were issued on November 27, 2014. The Reserve Bank also issued clarifications to the queries (numbering 176) on the guidelines on January 1, 2015. The Reserve Bank received 72 applications for small finance banks. Subsequently, Microsec Resources Private Limited, Kolkata withdrew its application. In respect of another application made by Shri Ajay Singh Bimbhet and others, two of the co-promoters withdrew their candidature and thereby the application was deemed to have been withdrawn.
Additional Details
The guidelines provided that after initial screening for prima facie eligibility, the applications would be referred to an External Advisory Committee (EAC) constituted for the purpose. Accordingly, to screen the applications, and to recommend licences only to those applicants who comply with the Guidelines, the Reserve Bank, on February 4, 2015, set up an EAC chaired by Smt. Usha Thorat, former Deputy Governor, Reserve Bank of India. EAC had three members: Shri M. S. Sahoo, former member SEBI; Shri M. S. Sriram, Professor at Indian Institute of Management (IIM) Bangalore and Shri M. Balachandran, Chairman, National Payments Corporation of India. Later, as Shri M. S. Sahoo, recused himself from the Committee on account of his appointment as a member of Competition Commission of India, the Reserve Bank, in April 2015, appointed Shri Ravi Narain, Vice Chairman, National Stock Exchange of India Limited to the Committee.
Alpana Killawala
Principal Chief General Manager
Press Release : 2015-2016/693
RBI grants "In-principle" Approval to 10 Applicants for Small Finance BanksThe Reserve Bank of India (RBI) has today decided to grant "in-principle" approval to the following 10 applicants to set up small finance banks under the "Guidelines for Licensing of Small Finance Banks in the private sector" (Guidelines) issued on November 27, 2014.Names of selected applicantsAu Financiers (India) Ltd., JaipurCapital Local Area Bank Ltd., JalandharDisha Microfin Private Ltd., AhmedabadEquitas Holdings P Limited, ChennaiESAF Microfinance and Investments Private Ltd., ChennaiJanalakshmi Financial Services Private Limited, BengaluruRGVN (North East) Microfinance Limited, GuwahatiSuryoday Micro Finance Private Ltd., Navi MumbaiUjjivan Financial Services Private Ltd., BengaluruUtkarsh Micro Finance Private Ltd., VaranasiThe "in-principle" approval granted will be valid for 18 months to enable the applicants to comply with the requirements under the Guidelines and fulfil other conditions as may be stipulated by the RBI. On being satisfied that the applicants have complied with the requisite conditions laid down by it as part of "in-principle" approval, the RBI would consider granting them a licence for commencement of banking business under Section 22(1) of the Banking Regulation Act, 1949.Until a regular licence is issued, the applicants cannot undertake any banking business.Selection processThe RBI has selected these applicants after three different committees contributing to the final decision, backed by detailed case study for each applicant. The selection process involved the following steps:A preliminary scrutiny of all the applications involving prima facie eligibility including the ability to raise the minimum initial capital and the status of ownership and control by residents as per the Guidelines was carried out by the RBI team. The findings of the preliminary scrutiny were presented to an External Advisory Committee (EAC) constituted under the Chairmanship of Smt. Usha Thorat, former Deputy Governor of the RBI. The EAC recommended applications to be taken up for detailed examination based on prima facie eligibility vis-à-vis the Guidelines. The detailed scrutiny involved assessment of financial soundness, proposed business plan, fit and proper status based on due diligence reports received from the regulators, investigative agencies, banks, etc. An important factor was proposed reach into unbanked areas and underserved sections of the population. The EAC held detailed discussions in multiple sittings on the applications based on the information presented to it. The EAC then submitted its recommendations to the RBI.An Internal Screening Committee (ISC), consisting of the Governor and the four Deputy Governors of the RBI thereafter examined the applications. The ISC also deliberated on the rationale of the recommendations made by the EAC. After scrutinising all the applications, the ISC made its independent recommendations to the Committee of the Central Board (CCB) of the RBI. In the meeting of the CCB held on September 16, 2015, the external members of the CCB went through the notes, recommendations of EAC and ISC and decided the list of applicants for granting in-principle approval. The Chairman of the EAC was also invited to explain the rationale for the Committee's recommendations.Going forward, the Reserve Bank intends to use the learning from this licensing round to appropriately revise the Guidelines and move to giving licences more regularly, that is, virtually "on tap".BackgroundIt may be recalled that the Committee on Financial Sector Reforms (Chairman: Dr. Raghuram G. Rajan), 2009 had examined the relevance of small banks in the Indian context. The Committee had opined that there was sufficient change in the environment to warrant experimentation with licensing of small banks. It recommended allowing more entry to private well-governed deposit-taking small finance banks (SFBs) offsetting their higher risk from being geographically focussed by requiring higher capital, a strict prohibition on related party transactions, and lower allowable concentration norms. This was reiterated in the policy discussion paper on Banking Structure in India - The Way Forward that was placed by the Reserve Bank of India on its website on August 27, 2013.In the Union Budget 2014-2015 presented on July 10, 2014, the Hon'ble Finance Minister announced that:"After making suitable changes to current framework, a structure will be put in place for continuous authorisation of universal banks in the private sector in the current financial year. RBI will create a framework for licensing small banks and other differentiated banks. Differentiated banks serving niche interests, local area banks, payment banks etc. are contemplated to meet credit and remittance needs of small businesses, unorganised sector, low income households, farmers and migrant work force".Draft guidelines for licensing of small finance banks were released for public comments on July 17, 2014. Based on the comments and suggestions received on the draft guidelines, final guidelines for licensing of small finance banks were issued on November 27, 2014. The Reserve Bank also issued clarifications to the queries (numbering 176) on the guidelines on January 1, 2015. The Reserve Bank received 72 applications for small finance banks. Subsequently, Microsec Resources Private Limited, Kolkata withdrew its application. In respect of another application made by Shri Ajay Singh Bimbhet and others, two of the co-promoters withdrew their candidature and thereby the application was deemed to have been withdrawn.Additional DetailsThe guidelines provided that after initial screening for prima facie eligibility, the applications would be referred to an External Advisory Committee (EAC) constituted for the purpose. Accordingly, to screen the applications, and to recommend licences only to those applicants who comply with the Guidelines, the Reserve Bank, on February 4, 2015, set up an EAC chaired by Smt. Usha Thorat, former Deputy Governor, Reserve Bank of India. EAC had three members: Shri M. S. Sahoo, former member SEBI; Shri M. S. Sriram, Professor at Indian Institute of Management (IIM) Bangalore and Shri M. Balachandran, Chairman, National Payments Corporation of India. Later, as Shri M. S. Sahoo, recused himself from the Committee on account of his appointment as a member of Competition Commission of India, the Reserve Bank, in April 2015, appointed Shri Ravi Narain, Vice Chairman, National Stock Exchange of India Limited to the Committee.Alpana KillawalaPrincipal Chief General ManagerPress Release : 2015-2016/693
#RECAP RISHTA:?
koi btao ki novak,roger,federrar kisne kon title se jeete ???or possible ho plz konsa grand slam tha ye b btana...plz google krn ko mt bolna jisso jitna pta ho btana bd me i vil compile...
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