With the passing of Banking Laws (Amendment) Bill, the RBI has got the power to issue new banking licenses in order to encourage financial inclusion as well as allow for more penetration of banking services to the public. This move is seen as a game changer in the banking sector with India’s largest business houses as well as NBFCs set to apply for new licenses. But, along with this development comes a greater responsibility for RBI to check the credibility and usage of funds by license nominees in order to regulate the function of new banks so that they do not deploy funds to risky assets or for personal business interests.To read more Click here
