RBI to issue guidelines for bank licences this year

MUMBAI (Reuters) - The Reserve Bank of India (RBI) will issue the guidelines that will be used to grant on-tap and differentiated banking licences later this year, deputy governor R. Gandhi told reporters on the sidelines of an event on Friday.

Gandhi also said the assessment of the monsoon rains on the economy would not be carried out until later.

The monsoon strengthened at the start of the key planting month after recording the weakest first month of the June-September rainy season in five years, weather officials said on Thursday.

(Reporting by Neha Dasgupta; Writing by Swati Bhat; Editing by Rafael Nam)