The scrutiny is expected to be over this month itself.
Jaipuria has not specified the amount he is looking to raise, but says this is the right time to tap the capital markets.
Based on this screening, the committee may weed out applications that do not meet the eligibility yardstick or the 'fit and proper' criteria for securing a licence.
The RBI has agreed to consider the application of India Post in consultation with the government.
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The RBI has accepted the application withdrawal request, according to the statement.
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