RBI units up exterior advisory committee for evaluating banking functions

The Reserve Bank of India has introduced the names of the members of the Standing External Advisory Committee (SEAC) for evaluating functions for Universal Banks in addition to Small Finance Banks. The committee has 5 members, with former RBI deputy governor Shyamala Gopinath because the chairperson. The panel may have a tenure of three years.

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Other members embody Revathy Iyer, director, central board, RBI; B Mahapatra, former govt director, National Payments Corporation of India; T N Manoharan, former chairman, Canara Bank; and Hemant G Contractor, former MD, State Bank of India, and former Chairman, Pension Fund Regulatory and Development Authority. According to tips, functions for common banks and SFBs will first be evaluated by the RBI to make sure prima facie eligibility of the candidates, after which the newly shaped committee will consider the functions.

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