The Commission is of the view that the Reserve Bank of India (RBI) may take necessary action (for grant of in-principle approval for banking licences) as deemed appropriate, the lection commission wrote to RBI Governor Raghuram Rajan.
The RBI on March 12 approached the Election Commission (EC) seeking its approval for granting bank lincences as the model code of conduct had come in place after the general elections announcement on March 5.
The RBI Governor while unveiling bi-monthly monetary policy said that after consulting the Election Commission, the RBI will announce in-principle approval for new bank licenses.
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