Kidwai adds that banking is a sector that can attract private equity and aid the government's effort to reduce its stake in public sector banks. "There will be many takers for new licences to operate in the banking sector," she estimates.
Below is the edited transcript of his interview to CNBC-TV18
Q: What are your thoughts on the banking amendment bill being passed by the Lok Sabha and likely to be cleared by the Rajya Sabha?
A: It is something we waited for a while. It is an important one to see through because there are many reforms in there which are not really significant in themselves. However, they are much needed collectively. Important in terms of what it means going forward and the signaling effect that finally after two years of waiting some of these bills are finally seeing passage, parliament is working and all parties are coming together having healthy debate.
However, at the end of the day at least these bills are seeing the light. The companies' bills also have significant amendments which we do need to up date. All 1950's Act important to see through. So, it is to my mind a very important signal.
Q: What is your own sense on how quickly we are going to see the final guidelines being issued by the reserve bank and then the process of inviting applications on actually being able to issue bank licenses?
A: I have no doubt that the RBI has been thinking through this very careful. They knew that this was on the cards. The definition of fit-in proper is going to be very important and how they narrow down this process is something which is going to be a challenge. There are many takers. RBI itself is going to have to work, as it does through very clear cut norms.
I would expect that there would be some of these policies put out. As they often do in terms of a dialogue and inputs sought on a proposed process. We would then understand what their thinking is and then policy being issued thereafter. So, before the first licenses come out it will be still at least a year to 18 months away. However, the fact that there would be new licenses given is now open and up to RBI to take forward.
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