RBI on Monday constituted a committee headed by Former Deputy Governor Shymala Gopinath for the valuation of several application for Universal Banks and Small Finance Banks.
The application given for Universal Banks and Small Finance Banks were verified by RBI, to check the eligibility of the applicants. Then after the committee will evaluate the application, RBI said.
Universal Banks participated in many kinds of banking activities and is both a commercial bank and an investment bank as well as providing other Financial Service such as insurance . It is the system in which Banks provide a wide variety of comprehensive Financial services including retail, commercial and Investment Services.
The panel termed as Standing External Advisory Committee will have 5members . Small Finance Banks are type of nick Banks in India. Banks with Small Finance Bank licence can provide basic banking Service of acceptance of deposits and lending.
By L. Priyanka