Mumbai, Jan 20 (PTI) The Reserve Bank of India (RBI) on Monday reconstituted the Standing External Advisory Committee (SEAC) to evaluate applications for universal banks and small finance banks.

The five-member panel will be chaired by MK Jain, former deputy governor of the Reserve Bank of India.

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As per licensing guidelines, applications for universal banks and small finance banks are initially screened by the RBI to ensure prima facie eligibility of the applicants.

Thereafter, SEAC, comprising eminent persons with experience in banking, the financial sector and other relevant areas, evaluates the applications.

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The other members of the panel are: Revathy Iyer (Director, Central Board, RBI); Parvathy V Sundaram (former Executive Director, RBI); Hemant G Contractor (former MD, SBI and former Chairman, PFRDA); and N S Kannan (former MD & CEO, ICICI Prudential Life Insurance Co).

The tenure of the panel will be for three years, the RBI said while announcing the names of the members of the SEAC.

The secretarial support to the committee would be provided by the Department of Regulation, RBI.

Earlier, the SEAC was chaired by Shyamala Gopinath, former deputy governor, RBI.

Revathy Iyer and Hemant G Contractor were members of the previous SEAC also.

Guidelines for 'on tap' licensing of universal banks in the private sector were announced in August 2016 and for small finance banks in December 2019.

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