RBI releases recommendations of IWG on ownership guidelines for pvt banks

Reserve Bank of India released internal working group recommendations Friday to review existing ownership guidelines and corporate structure for private sector Indian banks.

On June 12, 2020, the Reserve Bank established an Internal Working Group (IWG) to review existing guidelines on ownership and corporate structure for Indian private sector banks. The report submitted by the IWG was posted on the RBI website on November 20, 2020 and invited stakeholders and members of the public to comment by January 15, 2021.

“The IWG had made a total of 33 recommendations. After considering the comments and suggestions from stakeholders and the public, it was decided to adopt 21 recommendations (some with partial amendments, if deemed necessary), as set out in Annex. investigated," RBI said Friday.

"The resulting changes to instructions / circulars / main guidelines / licensing guidelines after acceptance of the recommendations (with or without changes) are being implemented and will be communicated in due course. However, during the interregnum, all stakeholders can be guided by these decisions", added RBI to it.