The Finance Ministry, on Friday, said it hoped that the Reserve Bank of India would be able to issue licences for new private sector banks by the end of 2013-14 fiscal.
“There would be examination of applications (by the RBI and a high-power committee). I think with all going well, with all clearances, by the end of the financial year (2013-14) we will see some success,” Financial Services Secretary Rajiv Takru told reporters here.
He said the RBI guidelines aimed to “ensure that only responsible people enter the (banking) space.’’
When asked if public sector entities hold edge over private corporates, the Secretary said there would be a level-playing field and the RBI would not show favour to any entity.
“It is a level-playing field. Whoever is eligible will get (licence). I don’t think the RBI is going to play any favourites, and we have no intention of any favourites being played,” Mr. Takru said.