TestCloud
Prep • Practice • Perform
Log In

RBI Forms Five-Member Committee Led by MK Jain to Evaluate UB and SFB Applications.

Committies and Meeting | Dated: 23 Jan 2025

On January 20, 2025, the Reserve Bank of India (RBI) established a five-member Standing External Advisory Committee (SEAC), led by former RBI Deputy Governor Mahesh Kumar (MK) Jain, to assess applications for Universal Banks (UBs) and Small Finance Banks (SFBs).

🎯 Key Highlights:

  • - The committee, with a tenure of three years, will be supported by the Department of Regulation, RBI, for secretarial assistance.

💡 Other Important Facts:

  • (i) The other four members of the committee include Revathy Iyer, Director of the Central Board of RBI; Parvathy V Sundaram, former Executive Director (ED) of RBI; Hemant G Contractor, former Managing Director (MD) of State Bank of India (SBI) and former Chairman of the Pension Fund Regulatory and Development Authority (PFRDA); and NS Kannan, former MD & CEO of ICICI Prudential Life Insurance Company Limited.
  • (ii) According to licensing guidelines, the RBI will first evaluate the eligibility of applications for UBs and SFBs. Following that, the expert committee, comprising specialists in banking, finance, and related sectors, will assess the applications.

📚 Test Your Knowledge:

Recently, who chaired the five-member committee formed by the RBI to evaluate UB and SFB applications?

Correct Answer: Mahesh Kumar Jain

🚀 Quick Recap: