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flag India's RBI forms new committee to evaluate licenses for universal and small finance banks.

flag The Reserve Bank of India (RBI) has set up a five-member committee to evaluate applications for licenses of universal and small finance banks. flag Led by former deputy governor M K Jain, the committee will assess applications after an initial screening by the RBI. flag This is the second such committee; the first was established in March 2021. flag The new committee will operate for three years, as only two small finance banks have been licensed since 2019 when the RBI opened its licensing window.

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