RBI has received 26 applications for new bank licenses. After the deadline for receipt of entries closed today, RBI has declared names of all the public and private companies that have applied for licenses.

Some of the prominent names that figure in the list are of TATA Sons Limited, Indiabulls Housing Finance Limited, J M Financial Limited, LIC Housing Finance Ltd, L & T Finance Holdings Limited, Muthoot Finance Limited Reliance Capital Limited, Religare Enterprises Limited, SREI Infrastructure Finance Limited, Shriram Capital Limited and department of Posts.

RBI however has still not specified the timeline for issue of licenses and the total number of licenses that will be issued.

RBI had issued the final guidelines for new bank licenses in February this year, allowing corporates and public sector entities with sound credentials and a minimum track record of 10 years to enter the banking business.

RBI had said that the minimum paid-up capital for the new banks will be Rs 500 crore while the cap on the foreign investment will be at 49 per cent.

As per norms notified by RBI, the new bank will have to start operations within one year after receiving license and list the company within three years of commencement of the business.

Also, new banks should open at least 25 per cent of branches in unbanked rural centers