CAIT asks govt to set up panel for new banks

Also advocates a blanket ban on entry of big corporate houses, MNCs in retail trade

Amid RBI issuing guidelines for new bank licences, the Confederation of All India Traders (CAIT) today said it has demanded constitution of a panel, including trade representatives, to draw out modalities for opening new banks.

"CAIT...in its pre-budget memorandum to Finance Minister P Chidambaram...has demanded the government to set up a panel of officials and trade representatives to draw out modalities of opening new banks and making them efficient to render best possible services," the apex body of the trading community said in a statement.

It also said that better banking facilities to traders should be ensured and easy loan facility from banks at primary lending rate may be allowed for traders.

Besides, it has also advocated a blanket ban on entry of big corporate houses and MNCs in retail trade.

CAIT has called for an early roadmap on Goods and Services Tax and also demanded the phasing out of Central Sales Tax from  April, 2013, CAIT National President B C Bhartia and Secretary General Praveen Khandelwal said.