RBI Constitutes 5 member Standing External Advisory Committee under Shyamla Gopinath for evaluating applications for Universal Banks and SFBs

RBI Constitutes 5 member Standing External Advisory Committee under Shyamla Gopinath for evaluating applications for Universal Banks and SFBs

• The Reserve Bank of India (RBI) has set up a five members standing external advisory committee (SEAC) to evaluate applications for “on-tap” licensing of universal banks and small finance banks (SFBs).
• The committee will be chaired by the former RBI deputy governor Shyamala Gopinath. The panel will have a tenure of three years. 
• Other members include
  1. Revathy Iyer – Director, central board, RBI
  2. B Mahapatra – Former executive director, National Payments Corporation of India
  3. T N Manoharan – Former chairman, Canara Bank
  4. Hemant G Contractor – Former MD, State Bank of India, and former Chairman, Pension Fund Regulatory and Development Authority.
• The applications will be first evaluated by the RBI to ensure prima facie eligibility of the applicants, after which the newly formed committee will evaluate the applications.