New bank licence : Each entity may create up to 5000 jobs

The RBI on 2nd April 2014 granted approvals to IDFC and Bandhan Financial Services for new bank licences.This would be the first time in the last 10 years that new banking licences are being given,since the formation of Yes Bank in 2004. The approval granted will be valid for a period of 18 months during which the applicants have to comply with the requirements u and fulfil ther conditions as may be stipulated by the RBI.

On being satisfied that the applicants have complied with the requisite conditions, the RBI would consider granting of a licence for commencement of banking business. Until a regular licence is issued, the applicants would be barred from doing banking business.

Anywhere between 1,500 and 5,000 jobs are likely to be created over 1-2 years for each new banking licence awarded by the Reserve Bank of India (RBI)

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