India to give in-principle nod for new bank licence by end-March

MUMBAI (Reuters) - India is expected to give an in-principle approval for new banking licences by end-March 2014, Rajiv Takru, Secretary of Financial Services, Ministry of Finance, said on Wednesday.

On Monday, the Reserve Bank of India said it had extended the validity of in-principle approval for new banks to 18 months from one year.

(Reporting by Shamik Paul; Editing by John Stonestreet)