Mumbai, Aug 2 (KNN) The Reserve Bank of India has come out with the final guidelines for on-tap licensing of universal banks in the private sector.

Under this, applicants can now apply for a banking licence anytime as opposed to a limited-period window that the central bank previously used to open for applications.

The guidelines state individuals with 10 years senior-level experience are eligible to promote a bank but large industry houses have been excluded as eligible entities, although they can invest up to 10 percent.

Some of the other key guidelines state the universal bank has to list on exchanges within 6 years of business commencement and must have realistic and viable business plan. It must address financial inclusion and must open at least 25 percent branches in unbanked rural centres. In-principle nod for bank will be valid for 18 months from date of grant.