In December 2016, RBI had granted additional 60 days for repayment of certain loans
One of the hurdles for MFIs towards becoming banks is an unsecured loan portfolio.
Besides, two new entities-- IDFC and Bandhan -- have been given full-fledged banking licence.
Issuance of new bank licences proves that the apex bank wants the financial sector to flourish.
The Department of Post, Tech Mahindra, Videocon Group and stock exchange NSE have joined big corporates like Ambanis and Birlas to seek entry into banking business through newly created niche category of Payments and Small Finance Banks.
The Reserve Bank on Friday set up a three-member committee under former Governor Bimal Jalan to scrutinise applications for new bank licences, which are expected to be awarded by January.
USAID looks forward to working with each to make financial inclusion a long-lasting and sustainable reality in India.
The Reserve Bank on Wednesday said it plans to issue new bank licences around January, "consistent with the highest standards of transparency and diligence."
A parliamentary panel on Friday opposed the new bank licences to corporate houses and voiced concerns over the discretionary power vested with RBI for applying 'fit and proper' criteria for deciding on applications.
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The RBI has accepted the application withdrawal request, according to the statement.
Licence winners are expected to be announced by the first quarter of 2014.
For India's leading MFI-turned bank, the challenge is to stay competitive while pricing its loans
The niche banks - small finance and payments banks -have been set up to further the regulator's objective of deepening financial inclusion.
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