The Government expects ‘in-principle’ approvals to be given for new banks by the first quarter of next year. This information was given by the Finance Ministry in the Lok Sabha on Tuesday.
New Bank Licences
The Reserve Bank of India has received 26 applications for new banking licences. “At the first stage, the applications will be screened by RBI to ensure prima facie eligibility of applicants, including the assessment of ‘fit and proper’ status of applicants,” Finance Minister P. Chidambaram said in a written reply to the Lok Sabha.
He also said thereafter, the applications would be referred to a high-level advisory committee to be set up by RBI. In view of the processes involved, it is expected that ‘in-principle’ approvals for new banks will be given by the first quarter of 2014.
Steps to tame rupee
On a question related to the weakening Indian currency, the Finance Minister said the Government had taken a number of steps to stem the rupee’s depreciation. “A number of steps have been taken to moderate demand of non-essential imports on April 12, 2013, enhance capital flows to augment supply of foreign exchange and curb speculation in the foreign exchange market to stem the rupee depreciation,” he said.
The Finance Ministry said that the Cabinet Committee on Investment (CCI) had cleared 171 projects worth Rs 1.69 lakh crore.
As on August 5, 2013, CCI has given clearance or issued direction for 171 projects entailing a total investment of Rs 1,69,426 crore, the Minister of State for Finance, Namo Narain Meena, said in a written reply. The Government set up the CCI headed by the Prime Minister, Manmohan Singh, as chairman to expedite decisions on approvals or clearances for implementation of projects, he said.
This is likely to bring about transparency, efficiency, accountability and promptness in the implementation of major projects, he added.
Parliament was informed that an inter-ministerial consultation on a draft Cabinet note on re-engineering of schemes under the DBT scheme regarding flow of funds directly to beneficiaries was under the process.
In a written reply, Namo Narain Meena said the Government was regularly reviewing and holding follow-up meetings with various agencies to resolve issues being faced in implementing the DBT scheme. Meetings are being held with the Central ministries, banks, UIDAI, NPCI, RGI etc to resolve issues being faced in implementing DBT, he added.