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Tuesday, April 1, 2014

EC allows RBI to announce new bank licences

EC allows RBI to announce new bank licences

MUMBAI Tue Apr 1, 2014 6:08pm IST

The Reserve Bank of India (RBI) seal is pictured on a gate outside the RBI headquarters in Mumbai October 29, 2013. REUTERS/Danish Siddiqui/Files 


Reuters) - The Election Commission on Tuesday allowed the Reserve Bank of India (RBI) to announce new bank licences even ahead of general elections set to conclude next month, according to a notice in the commission's website.

The RBI had sought the commission's approval to issue new bank licences to ensure the process would not clash with the code of conduct ahead of elections, which prevents decisions that may be deemed as political from being taken by government officials or regulators.

"The commission is of the view that Reserve Bank of India may take necessary action as deemed appropriate by the Bank," election commission said regarding the central bank's query.


(Reporting by Suvashree Dey Choudhury; Editing by Rafael Nam)