The Reserve Bank of India has set up a committee to evaluate applications for universal banks as well as small finance banks.

In its circular, the banking regulator has announced the names of members of the Standing External Advisory Committee (SEAC) for evaluating applications for universal banks as well as small finance banks.

The five-member committed will be headed by former RBI Deputy Governor MK Jain. The members are Revathy Iyer, director, central board, RBI; Parvathy V Sundaram, former executive director, RBI; Hemant G Contractor, former MD, State Bank of India and former Chairman, PFRDA; and NS Kannan, former MD and CEO, ICICI Prudential Life.

The applications for Universal Banks and Small Finance Banks are initially screened by the regulator, to ensure prima facie eligibility of the applicants. The Standing External Advisory Committee will evaluate the applications.

The tenure of the advisory committee will be for three years.