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Tuesday, September 3, 2013

SEBI chief in 5-man panel to decide new bank licences

The process for setting up a high-level advisory committee to screen the applications of the 26 new bank licence aspirants, such as the Tatas, Anil Ambani’s Reliance Group and India Post, has moved a step forward.

RBI Governor D. Subbarao had zeroed in on five names that could form part of this panel, sources said. But, the final call on whether the names recommended by Subbarao will make the cut or not, rests with RBI Governor-designate Raghuram Rajan, who will assume charge on September 5.

The five names recommended by Subbarao are SEBI Chairman U.K. Sinha, IRDA Chairman T.S. Vijayan, PFRDA Chairman Yogesh Agarwal, Financial Services Secretary Rajiv Takru, and financial sector expert Y.H. Malegam.

Malegam is currently a Board Member of the RBI and has affiliations with several top-notch corporates in the country. He has, in the past, held director-level posts in several Tata companies, including Tata Coffee (non-executive independent director) and Tata Global Beverages (former Director, Chairman of Audit Committee and Member of Nomination Committee).

Source: thehindubusinessline


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