RBI to post online clarifications on licensing of Small Finance Banks & Payments Banks

Mumbai, Dec 9 (KNN)  Having received several queries with regard to guidelines on licensing of small finance banks and payment banks, the Reserve Bank of India has decided to post the clarifications on its website.

“Considering that the clarifications sought would be of wider interest and use for all intending applicants, the Reserve Bank has decided to post the clarifications on its website. The identity of those who raise queries would be kept confidential,” the RBI said in a notification yesterday.

Last date for sending queries is December-15, it said.

The guidelines were issued on November-27.  In it, the central bank stated that the objectives of setting up of small finance banks will be to further financial inclusion by provision of savings vehicles, and supply of credit to small business units; small and marginal farmers; micro and small industries; and other unorganised sector entities, through high technology-low cost operations. (KNN/ES)