Banks form panel to take up bar on overlapping biz
business, banks are setting up a high-level committee to escalate the issue with the government and other stakeholders, said people familiar with the matter.
Banks are particularly concerned at the two-year window proposed for compliance, which they feel is very short as many of their subsidiaries are listed. In a meeting held last month, banks decided to form the committee for engaging on the issue, the people said.
The Reserve Bank of India, or RBI, has sought feedback on its draft circular, Forms of Business and Prudential Regulation for Investments, by November 20.
«We will share our feedback with the RBI. A committee has been formed that will have representation from all banks, including the State Bank of India and ICICI Bank. Some foreign lenders will also join,» said a senior banking executive, adding the banks will also raise concerns with other stakeholders, including the government, as it is a systemic issue.
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