The suspense over approvals for new banking licences ended on Tuesday with the Election Commission (EC) giving a go-ahead to the RBI, which had sought its view as the election model code of conduct is in force.
“The commission is of the view that the Reserve Bank of India may take necessary action as deemed appropriate by the Bank as permissible under provisions of the Reserve Bank of India Act, Banking Regulation Act and or any other relevant law(s),” said an EC notification on Tuesday.
On Monday, Finance Minister P Chidambaram had said the RBI was only playing safe as there was no need for it to refer the issue of bank licences to the EC.
Power tariffOn revision of electricity tariffs and related orders, the EC said it had no objection to the continuance of the process required for the decision. “However, tariff award shall be made only on the completion of polls in the relevant State,” it said in a notification on March 24.