Election Commission to take a view on new bank licenses on March 31

On the concerns of Election Commission with regard to issuance of license, Brahma said: “Our concern is simple, if you have done your job properly... if they are very confident about their rules and regulations, why should they refer to us? Point is that, if they have done their job thoroughly, honestly, diligently, they should not have referred.”

He further said if everything with regard to new bank license were decided on 2013, then what prevented RBI from issuing them.

The model code of conduct has come into force with the announcement of general election earlier this month.

Last month, the Bimal Jalan panel, which scrutinized applications for new bank licenses, submitted its report along with short listed entities to the RBI.

Guidelines for setting up new private banks were issued in February 2013 and the last day for applications was July 1.