RBI Governor confirms no plans to allow business houses to promote banks in India due to conflict of interest risks.

RBI Governor Shaktikanta Das confirmed no plans to allow business houses to promote banks in India, citing potential conflict of interest risks and related-party transactions. He emphasized the importance of having sound, healthy, and well-governed banks rather than an increase in numbers. The RBI Governor also mentioned that licensing of universal banks is on tap and that applications are welcome.