Very encouraging that RBI accepted 21 recommendations out of 33: IWG member

RBI internal group member hopes that banking licence for corporates would come in future

A member of the Reserve Bank of India’s internal working group (IWG), which had recommended bank licences to industrial houses, said that country, which aspires to become a $ 5 trillion economy, needs large banks and hoped that bank licence will be given to business houses in future.

In November last year, the group recommended that corporate entities should be given a bank licence. On Friday, the banking regulator said it has accepted 21 out of 33 recommendations of the IWG, but the issue of licences to corporate houses were not among the recommendations accepted.

“I hope it (bank licence