The Reserve Bank of India (RBI) has named the members of the Standing External Advisory Committee (SEAC) for the evaluation of applications for universal and micro finance banks.
Former Deputy Governor of RBI Shyamala Gopinath has been appointed as the chairperson of SEAC.
Members include Revathi Iyer, Director, Central Board, RBI, B. Mahapatra, former Executive Director, RBI and currently Chairman, National Payments Corporation of India (NPCI); TN Manoharan, former Chairman, Canara Bank and Hemant G. Contractor, former MD, SBSAT Bank of India and former Chairman, Pension Fund Regulatory and Development Authority (PFRDA).
Secretarial support to the committee will be provided by the RBI Department.
RBI announced guidelines for ‘tap on’ license of universal banks in the private sector on 1 August 2016 and for ‘on’ tap of the license of small finance banks in the private sector on 5 December 2019 and said The application for this was universal and small finance banks would be initially screened by it to ensure the primary qualification of the applicants.
It also said that a SEAC with experience in banking, financial sector and other relevant sectors would evaluate the applications thereafter. The term of this SEAC will be for three years, RBI said in a statement.
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