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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World India central bank seeks more banks for rural areas AFP - Thursday, August 12 Send IM Story Print India central bank seeks more banks for rural areas Slideshow: Full Photo Coverage: Business & Economy MUMBAI (AFP) - – India's central bank said Wednesday it favoured granting more licences to banks in a bid to expand financial services to the country's low-earning masses and into the country's rural hinterland. The proposal comes as the central bank pursues what its governor D. Subbarao has described as a path of "financial inclusion", embracing swathes of rural India which currently have little access to banking services. Companies could initially be allowed to take over regional rural banks before being issued a bank licence, the Reserve Bank of India (RBI) said in a discussion paper. "Vast segments of the population, especially the underprivileged sections of the society, still have no access to formal banking services," the central bank said in the 81-page-paper. "The RBI is therefore considering providing licences to a limited number of new banks," it said. Also "more banks would foster greater competition, reduce costs and boost the quality of service," the Reserve Bank said. Creation of new banks, converting non-banking financial companies (NBFCs) into banks and allowing large industrial and business houses to enter the banking sector were all options to expand the sector, the paper said. Experts say this would boost chances of Indian conglomerates like the Tata Group, Aditya Birla, Mahindra and Mahindra and the Anil Ambani Reliance group to set up full-fledged financial services operations, including banks. These players currently run NBFCs. At least 18 foreign banks have approached the RBI to open local branches or a representative office, junior finance minister Namo Narain Meena told lawmakers on Tuesday, without identifying them. But new players could see a hike in minimum capital requirements above the current level of three billion rupees to ensure financial stability, the RBI added. The central bank said it also was considering improving the quality and level of capital and governance of banks as world economies fight back from the effects of the global financial meltdown. Analysts welcomed the central bank's proposal to expand banking operations. "The focus and incentive will be for new players keen to enter untapped banking areas (and not just open an urban branch)," said Sonam Udasi, head of research at IDBI Capital said. The central bank's proposal pushed up shares of NBFCs. Bajaj Finserv rose 5.51 percent to 457.9 rupees while Mahindra and Mahindra financial services hit a new high of 620.9 rupees, up 3.27 percent. The central bank said it would frame detailed licence applications and invite applications to set up new banks after receiving feedback on the proposals by the end of next month. In the budget earlier this year, the government announced plans for the granting of more bank licences to extend the reach of the banking sector. India has 27 state-run, 22 private and 34 foreign banks. Another 2,200 rural and co-operative banks cover other parts of the country. 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