RBI announces Standing External Advisory Committee for evaluating Applications for Universal Banks and Small Finance Banks

The Reserve Bank of India has announced the names of the members of the Standing External Advisory Committee (SEAC) for evaluating applications for Universal Banks as well as Small Finance Banks. The tenure of the SEAC will be for three years. M. K. Jain, former Deputy Governor, Reserve Bank of India, will be the Chairperson of the committee. Revathy Iyer, Director, Central Board, RBI, Parvathy V. Sundaram,former Executive Director, RBI, Hemant G. Contractor, former MD, SBI and former Chairman, PFRDA and N. S. Kannan, former MD & CEO, ICICI Prudential Life Insurance Co. Ltd will be the members of the SEAC. The secretarial support to the committee would be provided by the Department of Regulation, Reserve Bank of India.

RBI noted that as per licensing guidelines, applications for Universal Banks and Small Finance Banks will be initially screened by the Reserve Bank to ensure prima facie eligibility of the applicants. It was also stated that a Standing External Advisory Committee (SEAC) comprising eminent persons with experience in banking, financial sector and other relevant areas, will evaluate the applications thereafter. The Reserve Bank of India had announced the composition of previous SEAC vide press release dated March 22, 2021.