The Reserve Bank of India (RBI) has set up Standing External Advisory Committee (SEAC) for evaluating applications for Universal Banks as well as Small Finance Banks.
However, it was earlier indicated by the RBI that the applications for Universal Banks and Small Finance Banks will be initially screened by the RBI to ensure prima facie eligibility of the applicants.
And accordingly, it was also stated that a SEAC comprising eminent persons with experience in banking, financial sector and other relevant areas, will evaluate the applications thereafter and that the constitution of the SEAC will be announced by RBI.
The secretarial support to the committee would be provided by the Department of Regulation, RBI. The tenure of this SEAC will be for three years.