Which of the following statements is/are correct with reference to the on-tap licences to set up universal banks and small finance banks in the private sector?

Which of the following statements is/are correct with reference to the on-tap licences to set up universal banks and small finance banks in the private sector?

A. The last time RBI handed out universal bank licences was in 2015 when it cleared IDFC Ltd and Bandhan Financial’s applications.

B. Eight institutions and individuals have applied for on-tap licences to set up universal banks and small finance banks.

C. Both A & B

D.  None of these

Explanation:

Eight institutions and individuals have applied for on-tap licences to set up universal banks and small finance banks. This comes weeks after RBI set up an advisory panel, led by former deputy governor Shyamala Gopinath, to evaluate applications for universal and small finance banks, which are mandated to focus on priority sector lending and small loans. The last time RBI handed out universal bank licences was in 2015 when it cleared IDFC Ltd and Bandhan Financial’s applications.