The ‘On tap bank license policy’ was launched by the RBI to receive and provide bank licenses on a continuous basis. Thus, ‘On-tap’ bank license means that the RBI will accept applications and grant license for banks throughout the year. The policy allows aspirants to apply for universal bank license at any time, subject to the fulfillment of the set conditions. It is for the first time in post nationalization phase that there comes such an open bank license policy. Previously, the RBI invited license for banks only during limited time times.
The On tap bank license policy was launched by the RBI in May 2016.
