 "A primer on classification of banks in India")
The Reserve Bank of India (RBI) not only granted two in-principle banking licences out of a list of 25 applicants in April, a process undertaken after more than a decade, but also opened a window of opportunity for banking aspirants. Apart from offering licences on tap, the regulator will also offer differentiated licence for niche activities. As a result, payment banks, local area banks in the country will come into existence with universal banks that are present now.
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