New banking licenses will be issued in a few weeks: Raghuram Rajan
Sharing of new banking licenses shall not preclude election code of conduct . Raghuram Rajan RBI Governor has made it clear that approval of the Election Commission will release the bank license in a few weeks . Rajan said , ” was approved by the EC few weeks will be distributed in a bank license . Jalan committee report on bank license is granted , the review is ongoing . ”
On the other hand after the RBI board meeting Finance Minister P Chidambaram said that the meeting was not to discuss new banking license . The report was discussed at the meeting and the board powered Patel to discuss the report, the government said . He said the United Bank will discuss the matter separately with the RBI .
The finance minister said the government and RBI initiatives have helped the growth of economy . For fiscal year 2014 fiscal deficit target is confident of achieving . Current account deficit of $ 4,000 million in fiscal 2014 are expected to be down . 18 months have seen a recovery in the economy .