RBI gets green signal to issue bank licences

Ending weeks of uncertainty, the Election Commission (EC) on Tuesday allowed the Reserve Bank of India (RBI) to issue new bank licences. In a letter to the RBI governor, the EC said the central bank might take "necessary action as deemed appropriate as permissible under provisions of the Reserve Bank of India Act, 1934, the Banking Regulation Act, 1949, and/or any other relevant law(s)."

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