India Inc welcomes RBI discussion paper on entry of pvt banks

NEW DELHI: Welcoming the RBI's discussion paper on the entry of new banks in the private sector, leading business chambers on Wednesday said the entry of new players will help achieve financial inclusion in the country.

"The RBI clearly expresses its intent to expand the banking reach in the country while focusing on maintaining financial stability," CII director-general Chandrajit Banerjee said.

The clear articulation of capital requirements and intent for discussion on business models reinforces the fact that the banking sector is now open for greater competition, he added.

Ficci said it is in favour of setting up more banks in the country to enable financial inclusion.

"All those entities who have the strength or capacity to manage banks should be allowed (to open banks) and RBI is capable enough to determine that capacity," the chamber said.